Written by Keith Kohl: Posted November 12, 2015 at 6:51PM
After backing out of an Arctic drilling program, Shell is taking yet another hit by leaving the Canadian oil-sands in Alberta.
To put it simply: the losses were too great.
There was no way Shell would have been able to stay competitive, so it decided to opt out, taking a $2 billion hit in the process.
As you know, the slump in crude oil prices since the summer of 2014 has caused energy companies to re-think upcoming projects.
Shell’s absence leaves at least 18 future projects on hold.
Unfortunately, Shell had just spent $7 billion exploring for oil in Alaska.
In fact, Shell has deferred its project on its existing leases at Carmon Creek, hoping to ride out the oil slump.
Look, there’s no question that the cutbacks being made by oil companies will help ease the supply glut plaguing the industry right now, the only question is whether companies will be to survive until prices recover.
This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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