Shell shares slump as it gets green light for Arctic drilling
TOM BAWDEN: THE INDEPENDENT: Tuesday 18 August 2015
Shell’s shares slumped today after the US government finally gave it the green light to drill for oil and gas in the Arctic Ocean.
The FTSE 100 oil giant will be able to explore the ocean floor for hydrocarbons for the first time since 2012, when a series of mishaps including the grounding of a drilling rig off the coast of Alaska, ended a costly Arctic programme that has cost $7bn over the past decade and has yet to find a drop of oil.
But despite receiving final clearance by the Obama administration to finally resume drilling, investors were unimpressed, sending the group’s shares down by 14.50p, or 0.81%, to 1,778.50p.
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