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Shell describes Arctic drilling project as a good prospect that just didn’t work out

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Screen Shot 2015-11-03 at 08.42.45Associated Press: Nov. 3, 2015

LONDON (AP) — Royal Dutch Shell CEO Ben van Beurden says the company will reflect on its decision to consider drilling off the coast of Alaska but voiced his regret that the prospect couldn’t be made to work out.

Van Beurden told reporters Tuesday as Shell updated its strategy that it would examine the decision to pursue offshore drilling in Arctic waters. Shell reported a third-quarter loss of $7.4 billion last week as it re-organized and cancelled projects, including drilling in Alaska amid sharp drops in the price of oil.

Van Beurden says “the regret” was that there weren’t “any significant quantities of oil” in the prospect.

Shell halted its Arctic efforts in September.

Its attempts to find oil was controversial with activists arguing it would hurt fragile ecosystems.

Copyright 2015 The Associated Press. All rights reserved

1 Comment on “Shell describes Arctic drilling project as a good prospect that just didn’t work out”

  1. #1 Christopher Ives
    on Nov 6th, 2015 at 03:27

    G’day, John.
    Shell may have puilled out, but Arctic Oil ain’t dead yet – this from TATW “The Arctic This Week” October 26 – November 1, 2015
    “Arctic Alaskan oil sector finally gets some positive momentum, thanks to ConocoPhillips”

    Despite low global oil prices and Shell’s decision to pull out of the Arctic, there’s some positive news finally coming out of Alaska’s North Slope, where new production efforts are humming along, led by ConocoPhillips (AJC). Early last week, ConocoPhillips’ North Slope CD5 drill site in the National Petroleum Reserve-Alaska (NPR-A) began producing oil, marking the first commercial oil development project in the NPR-A (PN). Also amid last week’s developments, the U.S. Bureau of Land Management (BLM) approved ConocoPhillips’ drilling permit and right-of-way for its Greater Mooses Tooth (GMT-1) project in the NPR-A, about eight miles west of CD5 (AJC). While neither the CD5 or GMT-1 projects are expected to have massive production rates, their approvals set an intriguing regulatory precedent for the federally-owned, 23-million-acre NPR-A region (PN).

    SOURCE – http://us11.campaign-archive1.com/?u=82d2c7d1cef2de21e9e8385fd&id=f5546645d4&e=1fcc8ae454

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