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Arctic Oil Still Seen Decades Away as Producers Balk at Costs

Extracts from an article published by Bloomberg News 23 Feb 2014

Screen Shot 2013-11-01 at 09.31.18Lundin Petroleum AB (LUPE), the Swedish explorer focused on Norway, said there won’t be any oil production in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges. Royal Dutch Shell Plc. (RDSA), Europe’s biggest oil company, in January again halted drilling plans off Alaska after a court ruled the area had been illegally opened to exploration. That followed a previous postponement after a series of technical mishaps in 2012, including the stranding of a rig.

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