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Hillary Clinton scuppers Shell’s plan to drill for oil in the Arctic

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Screen Shot 2015-08-13 at 11.35.25By CITY & FINANCE REPORTER FOR THE DAILY MAIL

PUBLISHED: 19 August 2015

Royal Dutch Shell’s Arctic ambitions have sparked a political row in the US after presidential candidate Hillary Clinton opposed its plans.

President Obama’s administration gave Shell the final green light to drill for oil and gas in the Arctic this week – which will see it resume drilling in the area for the first time since 2012 when it suffered a series of setbacks and pulled out. 

Clinton said drilling in the area is ‘not worth the risk’.

Shell plans to drill two wells initially as part of its £4.5billion programme. This could take two years as the drilling can only occur during the warmer months when the ice has cleared.

The oil giant is also facing anger from environmentalists over its plans.

Shell’s shares fell 29.5p to 1782.5p.

SOURCE

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