After months of controversy and hundreds of protesters, including kayaktivists who paddled in front of an icebreaker to block its path, Shell announced Monday that it has ended its exploratory oil drilling in the Arctic for the “foreseeable” future.
(From National Geographic / by Wendy Koch) — Shell, one of the world’s largest oil companies, cited “disappointing” results from the well it drilled off the coast of Alaska as well as the high costs of such exploration and the challenges of seeking future U.S. permits.
So, after spending approximately $7 billion, it’s giving up on the project. It won’t seek a permit next year, and its efforts to shed related 2017 financial commitments suggest its departure may be permanent. Its news coincided with the launch of the Energy Transitions Commission, a global group including Shell that aims to address both energy poverty and climate change.
“We had hoped for more,” Shell spokesman Curtis Smith said Monday in an interview, referring to the limited potential for oil and gas deposits in the basin it explored 150 miles from Barrow, Alaska. “They were not commercial.”
Read the full article here: http://news.nationalgeographic.com/energy/2015/09/150928-3-reasons-shell-halted-drilling-in-the-arctic/