The Chief Executive of French oil major Total says he believes the risk of an oil spill in the Arctic is too high to justify drilling.

Wednesday's interview with Christophe de Margerie in the Financial Times will be scrutinised by investors following the decision by Shell last week to delay its Alaskan campaign after safety equipment was damaged.

De Margerie argues the damage to a company's reputation of a spill in the pristine wilderness of the Arctic would be a "disaster".

His intervention will not be welcomed by rivals like ENI of Italy and ExxonMobil who both have plans to explore in Russian waters.

The Financial Times points out geographical surveys have indicated up to a fifth of the world's undiscovered resources may lie in the polar region. With that kind of incentive, the betting is not high that De Margerie's warnings will be heeded.

BS

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