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Is This the Next Big Offshore Oil Frontier?

Screen Shot 2013-11-01 at 09.31.18Extracts from a Motley Fool article by Arjun Sreekumar published 1 August 2014

Extracts

Though the Arctic is believed to contain about a fifth of the world’s undiscovered hydrocarbon reserves, harvesting that oil and gas has proved excruciatingly difficult. In the Alaskan Arctic’s Chukchi Sea, for instance, Royal Dutch Shell’s drilling program has been plagued by equipment failures, as well as regulatory and legal issues, which forced the company to suspend its drilling plans this year. But despite these setbacks, there is one Arctic region that has generated considerable interest among oil companies and has been hailed as the next big offshore oil frontier — the Norwegian Barents Sea. 

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THE HILL: Shell signals move toward Arctic drilling in 2015

Extracts

Shell indicated on Thursday that it is leaving Arctic drilling operations on the table for 2015, despite canceling plans for exploration this year.

Shell CEO Ben van Beurden told reporters on a call about the company’s second-quarter earnings that the legal holdup surrounding leasing in the Arctic doesn’t mean Shell is slowing down, the Houston Chronicle reports.

“The fact that we can’t move ahead now legally doesn’t meant that we have slowed everything down,” Van Beurden said on the call. “We are continuing to be ready for a campaign when we are allowed to do so.”

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BloombergBusinessweek News: Shell, Alaska Natives to share in offshore profits

Extracts

ANCHORAGE, Alaska (AP) — An Alaska Native regional corporation and six Native Village corporations signed an agreement with a Shell Oil subsidiary Thursday that aims to share the profits from offshore drilling off Alaska’s northwest coast. Shell and the Arctic Slope Regional Corp. announced the formation of a new company called Arctic Inupiat Offshore LLC. Its participants include six village corporations on the North Slope. The agreement with the Shell subsidiary, Shell Gulf of Mexico Inc., gives the Alaska Native company the option of acquiring an overriding royalty interest from Shell’s drilling on leases in the Chukchi Sea. Shell would get the benefit of local knowledge for its drilling operations, said Shell Alaska Vice President Pete Slaiby.

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