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Posts Tagged ‘Alaska’

Aggressive bidding after reserves scandal put Shell on path to Arctic disappointment

$7 billion bust in the Arctic Ocean By Jennifer A. Dlouhy: 5 Oct 2015 WASHINGTON — Shell’s dreams of an Arctic oil bonanza were dashed with disappointing results from a critical exploratory well this summer, but they were in full force seven years ago, when the company aggressively outbid competitors to nab drilling rights in […]

Shell Starts Nigeria Offshore Expansion of Up to 50,000 Barrels

Rakteem Katakey: 5 Oct 2015 Bonga phase 3 oil passes through floating production facility Shell has 55% of Bonga, Exxon 20%, Total, Agip 12.5% each Royal Dutch Shell Plc expanded oil production off Nigeria’s coast by starting the third phase of its Bonga field.  That phase has a peak production capacity of about 50,000 […]

Myths about Shell’s Arctic Alaska pullout persist

Yereth Rosen: Alaska Dispatch News: October 3, 2015 When Royal Dutch Shell announced that it had lost its big-money bet in the Chukchi Sea and would end its entire program in the offshore U.S. Arctic, the hyperbole and finger-pointing began in earnest. Rep. Don Young accused President Obama and Interior Secretary Sally Jewell of deliberately sabotaging Alaska’s economy. “I’m […]

Shell may post loss after taking £2.7bn Arctic exploration hit

Shell chief executive Ben van Beurden told The Mail on Sunday just two weeks ago that he was committed to the Arctic By Jon Rees For The Mail On Sunday: 4 Oct 2015 Shell is set to reveal that quitting the Arctic cost it up to $4.1billion (£2.7billion) in its third-quarter results when it unveils […]

What Shell’s latest move says about Arctic drilling myths

By  Scott L. Montgomery OCTOBER 1, 2015 The company’s departure is certainly a pause in a new era of Arctic exploration, but it’s not the end. After seven years of preparation and several billion dollars spent, Shell has decided to abandon its exploration program in the U.S. Arctic “for the foreseeable future.” This follows barely […]

Shell’s Exit From Arctic Oil Drilling

LETTER TO THE EDITOR OF THE NEW YORK TIMES “I am hesitant to pop open the Champagne quite yet…” To the Editor: Re “Shell Pulls Plug on Exploration in Alaska Arctic” (front page, Sept. 29): While the news that Shell has decided to pull out of its controversial Arctic oil exploration effort is cause for […]

Shell boss confronts environmental, carbon challenges

On Monday, the oil and gas giant gritted its teeth and pulled out of one of the most ambitious, expensive and controversial exploration forays on the planet – Alaska. A project that could have delivered tens of billions of dollars instead delivered a dry well and, on Sunday, van Beurden and his team called it quits. […]

A rig too far

Ben van Beurden, installed as Shell’s chief executive in 2014, could have halted the ill-fated project. But after a “personal journey”, he decided to go ahead. Shell’s retreat from the frozen north shows the new realities of “big oil”: Reputation was another factor in Shell’s retreat Oct 3rd 2015 | HOUSTON | From the print […]

Emma Thompson joins Greenpeace to celebrate Shell scrapping Arctic drilling

Emma Thompson joins Greenpeace to celebrate Shell scrapping Arctic drilling By Charlotte Krol, and PA, video source YouTube / Greenpeace: 29 Sep 2015 Actress Emma Thompson has joined activists outside the headquarters of Shell to celebrate news that the oil giant is pulling out of drilling in the Arctic. Greenpeace has been protesting against the company’s […]

Royal Dutch Shell’s Arctic Bucket Of Ice Has Melted, Yield Is Now North Of 8%

Sep. 29, 2015 Summary * The Burger J well test results were a dud, no major reserves found. * Shell puts Arctic drilling on hold indefinitely, which further reduces future capex. * Dividend yield tops the 8% mark. Royal Dutch Shell (RDS.A / RDS.B) was always upbeat about the prospects of drilling in the Arctic, […]

Shell’s Arctic defeat ends dream of new frontier

Christopher Adams, Ed Crooks and Jack Farchy After nine difficult years and $7bn of spending, Royal Dutch Shell has admitted it has nothing to show for its contentious campaign to discover oil in the Arctic. As it pulled the plug on further drilling — announcing billions of dollars in likely losses — the prospects for […]

Why Shell Quit Drilling in the Arctic

By Paul Barrett: BLOOMBERG.COM: 28 SEPT 2015: 6:12 PM BST Royal Dutch Shell’s abrupt announcement today that it would cease all offshore drilling in the Arctic is surprising for several reasons. One is the unusual degree of confidence the company expressed as recently as mid-August that it had identified 15 billion barrels of oil beneath the well […]

Shell Exits Arctic as Oil Slump Forces Industry to Retrench

By CLIFFORD KRAUSS and STANLEY REED As oil prices have continued their steady decline this year, rig after rig has been shut down, costing thousands of jobs in the United States. Yet major oil producers have been loath to pull the plug on their most ambitious projects — the multibillion-dollar investments that form the backbone of […]

Shell Abruptly Abandons Arctic Drilling, Finding It Too Costly

BY ZOË SCHLANGER 9/28/15 After a season spent drilling an exploratory oil well in one of the harshest environments on Earth, Royal Dutch Shell announced Monday morning it was abandoning its attempt to develop the Alaskan Arctic “for the foreseeable future.” The exploratory well 150 miles offshore in the Chukchi Sea did not turn up […]

These 2 charts explain why Shell stopped drilling in Alaska

It’s all about oil prices. Royal Dutch Shell said Monday it will stop drilling for oil off Alaska’s coast. The move comes after Shell failed to discover a noteworthy amount of undersea oil in a well off northern Alaska despite spending $7 billion on exploration efforts. The decision will undoubtedly please the many environmentalists who […]

Shell abandons Alaska Arctic drilling

Terry Macalister: Monday 28 September 2015 18.29 BST Barry Gardiner, Labour’s new shadow minister for energy and climate change, said Shell had been engaged in a fool’s errand. “(Potentially) desecrating one of the world’s last wildernesses shows a complete failure of moral leadership at the head of the company. If his investors are not calling for Ben van […]

Shell move dims oil prospects, delights environmentalists

ANCHORAGE, Alaska (AP) — Royal Dutch Shell has abandoned its long quest to become the first company to produce oil in Alaska’s Arctic waters, darkening the nation’s long-term oil prospects and delighting environmental groups that tried to block the project. After years of effort, Shell is leaving the region “for the foreseeable future” because it […]

Shell pulls plug on Arctic drilling campaign

By ETAIN LAVELLE FOR THE DAILY MAIL: PUBLISHED: 22:22, 28 September 2015 To the delight of eco-warriors worldwide, Shell pulled the plug on its Arctic drilling campaign, taking a £2.7billion hit on the controversial venture that was persistently undermined by the prolonged oil price weakness and fierce opposition from ecological activists. Although an exploratory well showed […]

Shell has made a costly call to abandon Alaska

Kamal Ahmed: Business editor: 28 Sept 2015 It could have been Hillary Clinton’s tweet that did it. Just after the US government had given the go-ahead for Shell to restart its exploration in Alaska, the Democratic presidential candidate took to the social media site. “The Arctic is a unique treasure,” Mrs Clinton said on Twitter. “Given […]

Shell pulls the plug on Arctic exploration

Mon Sep 28, 2015 6:21am EDT By Karolin Schaps (Reuters) – Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude, 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 […]

Tapped out? Shell ending Arctic offshore oil exploration after test well disappoints Sept 28, 2015 Royal 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 […]

Shell’s Arctic oil well comes up dry

September 28, 2015 | By Jennifer A. Dlouhy WASHINGTON — After spending $7 billion and seven years searching for oil under Arctic waters, Royal Dutch Shell on Monday said its quest had come up dry. Shell announced that its exploratory oil well in the Chukchi Sea north of Alaska encountered “indications of oil and gas” […]

Shell abandons contentious Arctic exploration after poor results

Christopher Adams, Energy Editor: Sept 28: 7.28am Royal Dutch Shell has abandoned a contentious Arctic drilling campaign off the coast of Alaska and is preparing to take billions of dollars in writedowns after its exploration efforts failed to make a significant discovery. However, the company said in a statement on Monday that while it had […]

Shell ceases Alaska Arctic drilling after exploratory well disappoints

Associated Press: Monday 28 September 2015 07.04 BST Royal Dutch Shell PLC has said it is ceasing exploration in offshore Alaska for the foreseeable future, saying an exploratory well drilled to 6,800ft (2,100m) found oil and gas but not in sufficient quantities. Shell USA’s president, Marvin Odum, said in an announcement early on Monday in the Netherlands […]

Will Shell-funded Energy Transitions Commission help or hinder the low carbon economy?

By Jessica Shankleman  |  25 Sep 2015 Will Shell-funded Energy Transitions Commission help or hinder the low carbon economy? Oil giant Shell is backing a new organisation that is being set up to lobby governments to step up their investments in low carbon technologies, with the twin aims of boosting economic growth and tackling climate […]

Giant ‘dying polar bear’ appears outside Shell UK headquarters in protest over Arctic drilling

BY KARA O’NEILL: 21 Sept 2015 A giant dying polar bear has been placed outside the headquarters of oil and gas company Shell in a bid to stop their Arctic drilling programme. British actress Emma Thompson was among the protesters who manoeuvred the three-tone puppet into place, locking six people inside so the bear cannot […]

Shell report says Alaska oil exploration program brings $172.7 million to Puget Sound communities

Shell report says Alaska oil exploration program brings $172.7 million to Puget Sound communities By CORAL GARNICK: McClatchy News Service: 20 Sept 2015 SEATTLE — Shell Oil, preparing to return its offshore Arctic drilling fleet to Puget Sound as early as next month, has released a study saying that this year and next its controversial Alaska […]

Why we MUST drill for oil in the Arctic: Shell boss’s message to climate change campaigners and governments

By JON REES, FINANCIAL MAIL ON SUNDAY: 20 Sept 2015 Some green campaigners seem to believe Shell boss Ben van Beurden would be happy dunking polar bears in thick, black crude oil if it helped make the planet even hotter. But van Beurden, the 57-year-old engineer who has run Royal Dutch Shell for nearly two […]


18 September 2015 The short drilling season for oil exploration in U.S. Arctic offshore waters will reach one stopping point Sept. 28 and a complete halt Oct. 31 for Royal Dutch Shell Plc. The company has been drilling since July 30 at the Burger prospect in the Chukchi Sea north of Alaska. If oil is […]

Actors join campaign to draw attention to Arctic issue

By DAN JOLING: 18 Sept 2015 ANCHORAGE, Alaska (AP) — Critics of Arctic offshore petroleum drilling have used climbing gear, kayaks and polar bear costumes to protest industrial activity in the Arctic. They’re now trying humor. Actors Alexander Skarsgard of “True Blood” and Jack McBrayer of “30 Rock,” along with Andy Bichlbaum of “The Yes […]

Optimism & Outrage: Shell’s $7 Billion Arctic Oil Gamble

by CYNTHIA MCFADDEN and JAKE WHITMAN: SEP 17 2015 At Royal Dutch Shell’s operations center in Anchorage, the cries of outrage that greeted the start of offshore drilling in the Arctic are drowned out by optimism. The energy giant’s president, Marvin Odum, told NBC News that he’s confident that the $7 billion already spent to find […]

Shell CEO: Alaska drilling efforts could end after this season

September 17, 2015 If Shell’s Chukchi Sea drilling operations manage to penetrate underground rock formations in waters off Alaska’s north coast this season and don’t find oil, that could be the end of the company’s controversial Arctic efforts, according to a report from the BBC. “Our plan for the Arctic is to find out whether […]

Shell will not sanction Arctic exploration until at least 2020

Kamal Ahmed: Business editor: 17 Sept 2015 As it moves, gingerly, through the first stages of exploration 70 miles off the Alaskan coast, Royal Dutch Shell has revealed its commitment to drilling in the Arctic. And how long it will be before any oil or gas actually comes out of the ground – if at all. […]

Jewell says ‘Keep It in the Ground’ movement simplistic, country too reliant on fossil fuels

The Kulluk is an Arctic drill rig owned by Royal Dutch Shell. In 2012, the rig ran aground off Sitkalidak Island near Kodiak Island. The highly publicized incident was used by drilling opponents as an example of Shell’s lack of qualifications to drill in the Arctic. (Photo by Petty Officer 1st Class Sara Francis/U.S. Coast […]

Ghost of Exxon Valdez Haunts Shell in the Arctic

Andy Rowell, September 11, 2015 There are many contradictions about Shell’s Arctic misadventure to drill for oil, but three are the most striking: Firstly the company is spending billions of dollars and risking the reputation of the company on oil that can never be burnt. Secondly, Obama having just allowed the company to start drilling […]

Analysts predict oil price plunge: Oversupply could drive Brent Crude to $20, warns Goldman Sachs

By LAURA CHESTERS FOR THE DAILY MAIL: 11 September 2015 The price of oil could fall as low as $20, Goldman Sachs warned last night. As fears about China’s growth continued, the Wall Street giant’s stark analysis of the global crude market pummelled prices again yesterday. The price of Brent Crude fell more than 2 per […]

Shell Exits Climate Change Group Amid Arctic Drilling Plan – FT

Fri, 11th Sep 2015 LONDON (Alliance News) – Royal Dutch Shell has left an influential climate-change lobbying group sponsored by the Prince of Wales amid concern about the company’s attitude to environmental issues, the Financial Times reported Friday. The Corporate Leaders Group released news that Shell had left, but did not state a reason for […]

Shell’s big gamble: Oil wrangling at the far reaches of the Arctic frontier

By Steven Mufson September 11 Shell Oil Co.’s president Marvin Odum made the trip on Sept. 2 from Houston to this northern-most town in the United States, a spot whose traditional name, Ukpeagvik, means “place where snowy owls are hunted.” Odum is here hunting, too, for oil offshore and political support from Alaska Natives living […]

Shell exits Prince’s climate group in row over Arctic oil

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Shell leaves climate project it helped set up amid Arctic drilling row

Shell has been forced to leave a Prince of Wales climate change project which it helped found after a row over the oil company’s controversial drilling programme in the Arctic. The departure from the Prince of Wales’s Corporate Leader Group is another embarrassing setback for the oil and gas company, which has been battling to preserve […]