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Shell halts drilling in the Arctic after disapointing production
Last edited Mon Sep 28, 2015, 01:30 PM - Edit history (1)
http://www.reuters.com/article/2015/09/28/us-shell-alaska-idUSKCN0RS0EX20150928Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude in a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky.
The withdrawal came six weeks after the final U.S. clearance and three months after Shell was still defending the project, a rapid change of heart for such a large company that shows it is preparing for a prolonged period of low oil prices while trying to close its $70 billion takeover of rival BG.
Shell has spent about $7 billion on exploration in the waters off Alaska so far and said it could take a hit of up to $4.1 billion for pulling out of the treacherous Chukchi Sea, where icebergs can be as large as New York's Manhattan island.
The unsuccessful campaign is Shell's second major setback in the Arctic after it interrupted exploration for three years in 2012 when an enormous drilling rig broke free and ran aground.
The withdrawal came six weeks after the final U.S. clearance and three months after Shell was still defending the project, a rapid change of heart for such a large company that shows it is preparing for a prolonged period of low oil prices while trying to close its $70 billion takeover of rival BG.
Shell has spent about $7 billion on exploration in the waters off Alaska so far and said it could take a hit of up to $4.1 billion for pulling out of the treacherous Chukchi Sea, where icebergs can be as large as New York's Manhattan island.
The unsuccessful campaign is Shell's second major setback in the Arctic after it interrupted exploration for three years in 2012 when an enormous drilling rig broke free and ran aground.
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"We were not able to produce enough oil for a good oil spill"
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