Shell’s Alaska Return Shows Arctic Drilling Defying Slump in Oil
Article by Rakteem Katakey and Mark Drajem published 12 May2015 by Bloomberg.com
Royal Dutch Shell Plc’s plan to return to the Arctic this year shows exploration in one of the world’s most remote regions is proving resilient against the slide in crude prices.
The U.S. Interior Department on Monday endorsed Shell’s plan to have two rigs drill as many as six exploratory wells in the Chukchi Sea off the coast of Alaska. Shell wants to resume workhalted in 2012 when its main drilling rig ran aground and was lost. It also was fined for air pollution violations.
Shell, which has already committed $6 billion to the Arctic project, is seeking to unlock Arctic resources that may total 10 times the amount of oil and gas produced from the North Sea so far, according to its website. Arctic oil is also being chased by Russia, though drilling has been slowed by sanctions. While exploration drilling in Norway’s Arctic will slow in 2015 to half last year’s level, at least seven wells are planned in the Barents Sea.
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