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Shell Abruptly Abandons Arctic Drilling, Finding It Too Costly

Sep 29th, 2015
by John Donovan.
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BY ZOË SCHLANGER 9/28/15

After a season spent drilling an exploratory oil well in one of the harshest environments on Earth, Royal Dutch Shell announced Monday morning it was abandoning its attempt to develop the Alaskan Arctic “for the foreseeable future.”

The exploratory well 150 miles offshore in the Chukchi Sea did not turn up enough oil to warrant the expensive and “unpredictable” enterprise, Shell said in a statement. It will be sealed and abandoned “in accordance with U.S. regulations,” the company said. read more

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These 2 charts explain why Shell stopped drilling in Alaska

Sep 29th, 2015
by John Donovan.
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Screen Shot 2015-09-17 at 07.55.40It’s all about oil prices.

Royal Dutch Shell said Monday it will stop drilling for oil off Alaska’s coast. The move comes after Shell failed to discover a noteworthy amount of undersea oil in a well off northern Alaska despite spending $7 billion on exploration efforts.

The decision will undoubtedly please the many environmentalists who were against the project from the start. But their protests aren’t the reason Shell is calling it quits in Alaska. Instead, Shell’s decision was economic: The price of oil has dropped precipitously over the past year, meaning it’s getting much harder to make a profit on the stuff. read more

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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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Shell pulls the plug on Arctic exploration

Sep 28th, 2015
by John Donovan.
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Screen Shot 2015-08-12 at 09.34.13Mon Sep 28, 2015 6:21am EDT

By Karolin Schaps

(Reuters) – Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude, a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky.

The withdrawal came six weeks after the final U.S. clearance and three months after Shell was still defending the project, a rapid change of heart for such a large company that showed it is preparing for a prolonged period of low oil prices while trying to close its $70 billion takeover of rival BG. 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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Shell abandons contentious Arctic exploration after poor results

Sep 28th, 2015
by John Donovan.
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Screen Shot 2015-08-13 at 11.35.25Christopher Adams, Energy Editor: Sept 28: 7.28am

Royal Dutch Shell has abandoned a contentious Arctic drilling campaign off the coast of Alaska and is preparing to take billions of dollars in writedowns after its exploration efforts failed to make a significant discovery.

However, the company said in a statement on Monday that while it had found “indications” of oil and gas, “these are not sufficient to warrant further exploration” in the area.

“Shell will now cease further exploration activity in offshore Alaska for the foreseeable future. This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska,” it said.

FULL FT ARTICLE read more

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Giant ‘dying polar bear’ appears outside Shell UK headquarters in protest over Arctic drilling

Sep 21st, 2015
by John Donovan.
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BY KARA O’NEILL: 21 Sept 2015

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A giant dying polar bear has been placed outside the headquarters of oil and gas company Shell in a bid to stop their Arctic drilling programme.

British actress Emma Thompson was among the protesters who manoeuvred the three-tone puppet into place, locking six people inside so the bear cannot be moved.

The bear, which is the size of a double decker bus, and is named Aurora (after the Northern Lights) is intended to sit outside the company’s headquarter in South Bank, London, until they cease their drilling. read more

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Why we MUST drill for oil in the Arctic: Shell boss’s message to climate change campaigners and governments

Sep 19th, 2015
by John Donovan.
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By JON REES, FINANCIAL MAIL ON SUNDAY: 20 Sept 2015

Some green campaigners seem to believe Shell boss Ben van Beurden would be happy dunking polar bears in thick, black crude oil if it helped make the planet even hotter.

But van Beurden, the 57-year-old engineer who has run Royal Dutch Shell for nearly two years and has given the company the green light to drill in Arctic waters, believes his view of the world’s future is considerably more honest than that of many environmentalists.

‘The amount of energy we consume is going to double in the first half of the century so we will have to supply twice as much as we do today as an industry. Most renewables produce electricity, and electricity is just 20 per cent of the energy mix. Where is the other 80 per cent going to come from?’ says the Dutchman. 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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Shell CEO: Alaska drilling efforts could end after this season

Sep 17th, 2015
by John Donovan.
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Screen Shot 2015-09-17 at 22.47.40September 17, 2015

If Shell’s Chukchi Sea drilling operations manage to penetrate underground rock formations in waters off Alaska’s north coast this season and don’t find oil, that could be the end of the company’s controversial Arctic efforts, according to a report from the BBC.

“Our plan for the Arctic is to find out whether there is any oil in the Chukchi Sea,” Shell CEO Ben van Beurden told the British news outlet.

“We are in the middle of that drilling campaign and we have to see at the end of the season whether we get into the reservoir. If these results are conclusively no, then it will probably be the end of the road for our Alaska adventure.” read more

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Shell will not sanction Arctic exploration until at least 2020

Sep 17th, 2015
by John Donovan.
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Screen Shot 2015-09-17 at 07.55.40Kamal Ahmed: Business editor: 17 Sept 2015

As it moves, gingerly, through the first stages of exploration 70 miles off the Alaskan coast, Royal Dutch Shell has revealed its commitment to drilling in the Arctic.

And how long it will be before any oil or gas actually comes out of the ground – if at all.

Despite environmental concerns and the low oil price, Ben van Beurden, Shell’s chief executive, told me that as the world’s energy demands increased, the hunt for new resources was as important as ever.

The Arctic, he points out, has long been a source of oil and gas production. Environmental safety would be the priority, he insisted. read more

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