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Why Shell Quit Drilling in the Arctic

Sep 29th, 2015
by John Donovan.
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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 known as Burger J it’s now abandoning. 

What on earth happened?

Mistaken geology

After spending $7 billion over several years to explore a single well this summer, Shell said in a statement that it “found indications of oil and gas … but these are not sufficient to warrant further exploration.” This contrasts sharply with Shell officials’ statements as recently as July and August that based on 3D and 4D seismic analysis of core samples, its petroleum geologists were “very confident” drillers would find plentiful oil. read more

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Shell Exits Arctic as Oil Slump Forces Industry to Retrench

Sep 29th, 2015
by John Donovan.
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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 their operations.

Until now. On Monday, Royal Dutch Shell ended its expensive and fruitless nine-year effort to explore for oil in the Alaskan Arctic — a $7 billion investment — in another sign that the entire industry is trimming its ambitions in the wake of collapsing oil prices. read more

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Shell abandons Alaska Arctic drilling

Sep 29th, 2015
by John Donovan.
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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 Beurden’s head, now that the company has suffered a $4.1bn loss then his board certainly should be.”

FULL ARTICLE

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Shell move dims oil prospects, delights environmentalists

Sep 28th, 2015
by John Donovan.
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Screen Shot 2015-09-28 at 23.21.47ANCHORAGE, 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 failed to find enough oil to make further drilling worthwhile.

The company has spent more than $7 billion on the effort, slogged through a regulatory gauntlet and fought environmental groups that feared a spill in the harsh climate would be difficult to clean up and devastating to polar bears, walruses, seals and other wildlife. read more

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Shell pulls plug on Arctic drilling campaign

Sep 28th, 2015
by John Donovan.
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Screen Shot 2015-09-01 at 23.33.36By 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 indications of oil and gas in Alaska’s Chukchi Sea, Shell blamed high costs associated with the project as well as the ‘challenging and unpredictable’ regulatory environment as it shelved its drilling plans for the foreseeable future. read more

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Shell has made a costly call to abandon Alaska

Sep 28th, 2015
by John Donovan.
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Screen Shot 2015-09-13 at 14.19.16Kamal 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 what we know now, it’s not worth the risk of drilling.”

Which seemed to ignore the fact that drilling has been taking place in the Arctic for decades – for example oil was first discovered in one of the main basins, Prudhoe Bay, in 1968. read more

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Tapped out? Shell ending Arctic offshore oil exploration after test well disappoints

Sep 28th, 2015
by John Donovan.
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Screen Shot 2015-08-13 at 11.35.25FoxNews.com: 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 and had poured billions in investment and years of work into the exploratory well. Environmentalists, however, had tried repeatedly to block the project, and welcome the news.

A statement from the company’s headquarters in The Hague said Shell was ending exploration off Alaska “for the forseeable future” after what it called “a clearly disappointing exploration outcome.”

Shell said it had found indications of oil and gas in the well in the Chukchi Sea, about 80 miles off Alaska’s northwest coast. However, the petroleum was not in quantities sufficient to warrant additional exploration in that portion of the basin, the company added. read more

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Shell’s Arctic oil well comes up dry

Sep 28th, 2015
by John Donovan.
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Screen Shot 2015-08-13 at 11.35.25September 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” that are “not sufficient to warrant further exploration” — a significant blow for the Anglo-Dutch firm that had hoped to find a multibillion barrel crude reservoir in those remote waters.

“Shell continues to see important exploration potential in the basin, and the area is likely to ultimately be of strategic importance to Alaska and the U.S.,” said Marvin Odum, director of Shell Upstream Americas. “However, this is a clearly disappointing exploration outcome for this part of the basin.” read more

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IF SHELL FINDS OIL IN CHUKCHI SEA, WHAT NEXT?

Sep 19th, 2015
by John Donovan.
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Screen Shot 2015-06-13 at 09.26.5318 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 discovered, it will require some very interesting and complicated development decisions and regulatory considerations.

Shell has come a long way to get this far. It acquired a set of leases over the Burger prospect in 2008 and has spent about $7 billion on trying to develop the leases. Shell, operating through its subsidiary Shell Gulf of Mexico Inc., did not report a discovery from the well it drilled in 2012, and no one has ever yet discovered oil in the Chukchi — not oil in commercial quantities, at any rate. A dry hole is always a possibility. read more

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Actors join campaign to draw attention to Arctic issue

Sep 19th, 2015
by John Donovan.
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Screen Shot 2015-08-29 at 23.17.56By 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 Men” activists, are on a Greenpeace ship in the Greenland Sea with a team from the Funny or Die production company to make a comedy series focused on industrial threats to the Arctic. read more

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

Sep 17th, 2015
by John Donovan.
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Screen Shot 2015-09-01 at 23.33.36by 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 oil under the sea — a bet that no other company is making in the American Arctic — was the right business decision.

And he says he’s also certain that Shell can handle any accident that might unfold during exploration or extraction, which wouldn’t even happen until 2030. read more

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

Sep 16th, 2015
by John Donovan.
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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 Guard)

By Liz Ruskin, APRN-Washington: September 16, 2015

Hundreds of environmental groups are uniting under a new banner to curtail greenhouse gas emissions. It’s called: “Keep It in the Ground.”

They’re asking President Obama to stop new petroleum leases on public lands. Interior Secretary Sally Jewell rejected the idea in a meeting with reporters today. read more

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

Sep 11th, 2015
by John Donovan.
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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 in Barrow, a ramshackle town of muddy streets, littered with all-terrain vehicles and guarded by snow fences on one side and on the other a four-foot-high earthen berm to protect against high winds and seas. read more

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Russian intelligence ship spotted near American oil vessel

Sep 8th, 2015
by John Donovan.
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Screen Shot 2015-08-13 at 11.35.25The ship was part of a Shell-contracted ship that is exploring for oil in the Chukchi Sea, which is north of the Bering Strait and lies between Alaska and Russia.

By Jake Tapper and Jeremy Diamond, CNN: Sept 7. 2015

Washington (CNN)A Russian intelligence vessel was spotted near a ship contracted by the American Shell Oil Company exploring for oil in the Arctic, sources told CNN on Monday.

Pentagon spokesman Jeff Davis confirmed the sighting to CNN on Monday and said no U.S. defense assets were deployed in response.

“We aware of the Russian vessel Kurily sailing in the vicinity of the Nobel Discoverer,” Davis said. “We recognize the rights of all sovereign nations to freely navigate in international waters.” read more

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How to Invest in Arctic Developments After Obama’s Alaska Trip

Sep 7th, 2015
by John Donovan.
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Arctic developments have great potential, but are they worth the risks?

By Debbie Carlson: Sept. 7, 2015

As climate change melts some of the Arctic’s permafrost, natural resource companies and shippers are eyeing the potential to develop a region that is receiving renewed public attention from President Barack Obama’s trip to Alaska.

According to global management consulting firm A.T. Kearney’s Global Business Policy Council, worldwide investment in the region could reach $100 billion over the next decade. The Northwest Passage and Northern Sea Route could potentially decrease travel times between the U.S., Europe and Asia by 40 percent, while the value of hydrocarbon deposits – crude oil and natural gas – located in the U.S. Arctic alone could exceed $1 trillion. The region is also home to rich metal deposits. read more

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Melting Ice Isn’t Opening Arctic to Oil Bonanza

Sep 7th, 2015
by John Donovan.
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Screen Shot 2015-08-13 at 11.35.25By STEVEN LEE MYERS and CLIFFORD KRAUSS: SEPT. 7, 2015

TERIBERKA, Russia — The warming Arctic should already have transformed this impoverished fishing village on the coast of the Barents Sea.

The Kremlin spent billions in the last decade in hopes of turning it into a northern hub of its global energy powerhouse, Gazprom. It was once the most ambitious project planned in the Arctic Ocean, but now there is little to show for it aside from a shuttered headquarters and an enormous gravel road carved out of the windblown coastline like a scar. read more

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