Tapped out? Shell ending Arctic offshore oil exploration after test well disappoints
FoxNews.com: Sept 28, 2015Royal Dutch Shell said early Monday that it was ceasing offshore oil and gas exploration in Arctic waters after a test well yielded unsatisfactory amounts of oil and gas.
The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue and had poured billions in investment and years of work into the exploratory well. Environmentalists, however, had tried repeatedly to block the project, and welcome the news.
A statement from the company’s headquarters in The Hague said Shell was ending exploration off Alaska “for the forseeable future” after what it called “a clearly disappointing exploration outcome.”
Shell said it had found indications of oil and gas in the well in the Chukchi Sea, about 80 miles off Alaska’s northwest coast. However, the petroleum was not in quantities sufficient to warrant additional exploration in that portion of the basin, the company added.
The TRUTH will set you FREE.
No comments:
Post a Comment