Chukchi Sea

Shell working to protect assets offshore Alaska

Dec 17th, 2015
by John Donovan.
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Screen Shot 2015-11-03 at 08.42.45Dutch supermajor notes the challenge does not equate to a resumption of drilling activity.

By Daniel J. Graeber: Dec. 17, 2015

WASHINGTON, Dec. 17 (UPI) — While Royal Dutch Shell said it aims to protect its drilling rights in the Arctic waters offshore Alaska, it said drilling was off the table for the foreseeable future.

Royal Dutch Shell in October said it was considering its options when the Bureau of Safety and Environment Enforcement denied its request to suspend leases in Arctic Alaskan waters that expire between 2017 and 2020. Leases expire at the end of their terms unless operators are engaged in drilling or related activity. read more

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Shell Bid Aims to Preserve U.S. Drilling Rights in Arctic Ocean

Dec 15th, 2015
by John Donovan.
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Screen Shot 2015-12-15 at 16.53.51Jennifer A Dlouhy: December 15, 2015: Bloomberg.com

  • Oil company files appeal challenging rejection by Interior

  • Clock now ticking on oil and gas leases expiring in 2020

Screen Shot 2015-11-03 at 08.42.45Royal Dutch Shell Plc is fighting to preserve U.S. drilling rights in Arctic waters three months after halting exploration indefinitely there because it failed to find meaningful oil or natural gas deposits.

Europe’s largest oil company filed a notice of appeal Tuesday challenging the U.S. Interior Department’s Oct. 29 rejection of the company’s requests to stop the clock on Arctic oil and gas leases that otherwise expire between 2017 and 2020. The dispute is expected to undergo an administrative review, possibly delaying a final judgment until after a new U.S. president takes office. read more

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Royal Dutch Shell’s Management Wants You to Know These 5 Key Things

Dec 10th, 2015
by John Donovan.
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Royal Dutch Shell’s Management Wants You to Know These 5 Key Things

Screen Shot 2015-11-20 at 08.55.47Last quarter was a pretty rough one for Royal Dutch Shell (NYSE:RDS-A) (NYSE:RDS-B). The company was forced to take more than $7.9 billion in charges to the income statement to write down some abandoned development projects, and its oil and gas production in the Americas continues to be a bit of a headache. 

Management was well aware of how these results looked, and so on its most recent conference call its executives acknowledged these weaknesses but also had some things to say that any investor in Shell should be aware of. Here are five quotes from the most recent conference call that provide some juicy tidbits into how to view this company over the long term. read more

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Economics, not just regulation, sidelined Shell’s offshore Alaska drilling plans

Dec 9th, 2015
by John Donovan.
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Screen Shot 2015-11-03 at 08.42.45Dermot Cole: December 8, 2015

Fresh assertions that the Obama administration smothered Shell’s Arctic dreams followed the news that Statoil gave up on its leases, the second company to abandon plans to look for oil in the Chukchi Sea.

Citing market conditions and noting the leases “are no longer considered competitive within Statoil’s global portfolio,” the Norwegian company announced its withdrawal plans Nov. 17. The company had long taken a cautious approach in the region, using Shell as a bellwether. Earlier this year it had scaled back its plans to drill in the Barents Sea because of low oil prices. read more

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Report: Political pressure prompted hasty environmental review of Shell’s Arctic play

Dec 8th, 2015
by John Donovan.
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Screen Shot 2015-11-20 at 08.55.47Yereth Rosen: Ben Anderson: December 7, 2015

Regulators hoping to avoid criticism and potential congressional backlash rushed an environmental review of offshore Arctic oil development to ensure that Royal Dutch Shell would be able to drill this year, said a report issued Monday by a federal watchdog agency.

The investigation, conducted by the U.S. Department of Interior’s Office of the Inspector General, was launched in response to complaints from Bureau of Ocean Energy Management employees who worked on a rewrite of the supplemental environmental impact statement for oil leasing in the remote Chukchi Sea off Alaska’s northwest coast. read more

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Shell Forced to Scale Back Ambitions

Nov 27th, 2015
by John Donovan.
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Screen Shot 2015-11-20 at 08.55.47By James Stafford: Thu, 26 November 2015

As with most oil companies, 2015 has been a rough year for Royal Dutch Shell. The Anglo-Dutch company reported a third quarter loss of $6 billion, which included $7.9 billion in impairment charges.

During its third quarter earnings call, Shell’s CEO Ben van Beurden summed up the company’s strategy, emphasizing restraint. “Grow to simplify” is how he put it. What that means in practice is scrapping the Arctic campaign; pulling out of the expensive Carmon Creek oil sands project in Canada; shedding assets in the less desirable parts of North American shale; selling assets elsewhere around the world, including Nigeria; and focusing on its merger with BG, which is a big bet on LNG. read more

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Shell’s top Arctic exec is retiring, will join KBR board

Nov 10th, 2015
by John Donovan.
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Posted on November 10, 2015 | By Joshua Cain

After Royal Dutch Shell scuttled its $7 billion Arctic drilling program in September, the company’s top executive on the project is moving on.

Ann Pickard, Shell’s executive vice president in the Arctic, will retire from the company in February 2016, Shell spokeswoman Kelly op de Weegh said Tuesday.

She will also join the board at Houston-based engineering and construction giant KBR Inc. in December, the company said on Tuesday.

Pickard was appointed to the Arctic after Shell’s program there foundered in 2012, when the rig the company contracted for the job, the Kulluk, crashed into an Alaskan island.

Shell ended its second attempt in the Arctic on Sept. 28 after the exploratory well it drilled in Alaskan waters of the Chukchi Sea failed to find significant amounts of oil and gas. read more

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Shell describes Arctic drilling project as a good prospect that just didn’t work out

Nov 3rd, 2015
by John Donovan.
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Screen Shot 2015-11-03 at 08.42.45Associated Press: Nov. 3, 2015

LONDON (AP) — Royal Dutch Shell CEO Ben van Beurden says the company will reflect on its decision to consider drilling off the coast of Alaska but voiced his regret that the prospect couldn’t be made to work out.

Van Beurden told reporters Tuesday as Shell updated its strategy that it would examine the decision to pursue offshore drilling in Arctic waters. Shell reported a third-quarter loss of $7.4 billion last week as it re-organized and cancelled projects, including drilling in Alaska amid sharp drops in the price of oil. read more

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Shell leaves door open for future exploration in Alaska’s Arctic

Nov 3rd, 2015
by John Donovan.
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Jennifer A. Dlouhy | Houston Chronicle: November 2, 2015

Screen Shot 2015-11-03 at 08.42.45WASHINGTON — Shell is walking away from oil exploration in Arctic waters north of Alaska, but it isn’t ready to close the door completely.

Disappointing results from a critical test well at the company’s Burger prospect in the Chukchi Sea, combined with the high costs of developing the region and an “unpredictable regulatory environment,” have prompted Royal Dutch Shell to cease Alaska offshore exploration “for the foreseeable future,” CEO Ben van Beurden told reporters Thursday. read more

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US Follows Royal Dutch Shell plc Backs Away From Arctic Drilling

Oct 19th, 2015
by John Donovan.
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By: Micheal Kaufman: Oct 19, 2015

The US Interior Department announced on Friday that it will cancel the auction of 2016 and 2017 natural gas and offshore oil leases in the Arctic Ocean. The auction was scheduled under the Department’s current five-year Chukchi Sea leasing program for 2012–2017. The division cited low crude oil prices and lack of interest from oil companies as the main reason behind its decision.

This news comes a few weeks after Royal Dutch Shell plc (ADR) (NYSE:RDS.A) withdrew its Arctic drilling plan. The oil giant had spent $7 billion for the Arctic campaign. It said last month that it has dropped its exploration and production (E&P) activities in the Burger prospect of the Chukchi Sea, as it found few traces of oil and natural gas in the region. The company was not satisfied with the drilling results; it had initially expected huge amount of oil traces in the Ocean. Shell has dropped all future plans of Arctic drilling for the foreseeable future. read more

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Interior: No more new Arctic oil leases for remainder of Obama’s presidency

Oct 18th, 2015
by John Donovan.
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Interior: No more new Arctic oil leases for remainder of Obama’s presidency

Screen Shot 2015-10-05 at 14.03.31Gregory Korte, USA TODAY: Oct 16, 2015

WASHINGTON — The Obama administration is canceling its plans to sell oil drilling rights in the Arctic Sea through 2017, a remarkable turnaround since expanding drilling by approving new drilling permits for Shell Oil earlier this year.

But Royal Dutch Shell’s decision last month to suspend its oil exploration in offshore Alaskan waters — citing disappointing results from a well in the Chukchi Sea — prompted the Interior Department to cancel further oil leases.

“In light of Shell’s announcement, the amount of acreage already under lease and current market conditions, it does not make sense to prepare for lease sales in the Arctic in the next year and a half,” said Secretary of the Interior Sally Jewell. read more

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U.S. Cancels Remaining Arctic Oil Lease Sales Under Obama

Oct 17th, 2015
by John Donovan.
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Brian Wingfield and Joe Carroll: BLOOMBERG.COM: 17 October 2015

The U.S. Interior Department effectively halted drilling off Alaska’s coast for the remainder of President Barack Obama’s term by canceling two sales of Arctic oil and gas leases.

The decision comes less than a month after Royal Dutch Shell Plc said it would indefinitely cease exploration in the region as the company didn’t find sufficient quantities of oil or gas in a Chukchi Sea drilling zone.

“In light of Shell’s announcement, the amount of acreage already under lease and current market conditions, it does not make sense to prepare for lease sales in the Arctic in the next year and a half,” Interior Secretary Sally Jewell said in a statement on Friday. read more

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US curbs Arctic offshore oil and gas drilling

Oct 17th, 2015
by John Donovan.
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The US government has announced new curbs on oil and gas exploration in Arctic waters off Alaska’s northern coast.

It comes after oil giant Royal Dutch Shell last month stopped its Arctic activity citing “disappointing” tests.

The US interior department said it was cancelling two potential Arctic offshore lease sales and would not extend current leases.

The announcement has been welcomed by environmentalists.

Miyoko Sakashita, of the Center for Biological Diversity, said the decision was “great for the Arctic and its polar bears”. read more

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U.S. Blocks Alaskan Arctic Drilling for 2 Years

Oct 17th, 2015
by John Donovan.
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Screen Shot 2015-10-05 at 14.03.31By CLIFFORD KRAUSS: OCT. 16, 2015

HOUSTON — The Obama administration shut the door Friday on drilling in Alaska’s Arctic Ocean over the next two years, canceling auctions for drilling rights in the Chukchi and Beaufort seas.

The decision by the Interior Department was not surprising because it came less than a month after Shell Oil canceled the most advanced exploration project in the region because of disappointing results from a test well and high costs at a time when oil prices are extremely low.

Still, the announcement is symbolically important as the administration steps back from its cautious support of drilling in the Arctic. read more

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U.S. cancels Arctic offshore lease sale after Shell drops interest

Oct 16th, 2015
by John Donovan.
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Screen Shot 2015-10-05 at 14.03.31WASHINGTON: Fri Oct 16, 2015

The U.S. Interior Department on Friday said it would cancel two potential Arctic offshore lease sales after Royal Dutch Shell PLC (RDSa.L) said that it was not interested in those leases.

“In light of Shell’s announcement, the amount of acreage already under lease and current market conditions, it does not make sense to prepare for lease sales in the Arctic in the next year and a half,” Interior Secretary Sally Jewell said in a statement.

Shell said last month it was giving up its Arctic search for oil after failing to find enough crude oil. read more

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The risks of wildcatting in the Arctic

Oct 16th, 2015
by John Donovan.
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Screen Shot 2015-10-05 at 14.03.31A former Shell Oil executive and catastrophic risk expert on the nightmare scenario when oil and ice mix.

by Lauren Ellis @lauren_jellis: October 15, 2015

Two drill vessels officially left Arctic waters after Royal Dutch Shell announced that the company would cease exploration in the Chuckchi and Beaufort seas. After a $7 billion investment and a standoff with kayaktivists, Shell cited a “disappointing exploration outcome,” meaning there’s oil in the Arctic, but not enough where they drilled to justify the cost. It’s a classic industry gamble called wildcatting: oil companies invest in an unexplored area hoping to strike black gold in the hidden reservoirs thousands of feet below the surface. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment.
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