• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours U.S. Withdraws From U.N. Human Rights Council
  • 13 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 13 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 9 hours "The Gasoline Car Is a Car With a Future"
  • 7 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 5 hours Saudi Arabia turns to solar
  • 31 mins Gazprom Exports to EU Hit Record
  • 17 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 3 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 7 hours What If Canada Had Wind and Not Oilsands?
  • 10 hours EVs Could Help Coal Demand
  • 17 hours WE Solutions plans to print cars
  • 23 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 1 day Lloyd's of London excludes coal
Alt Text

Oil Inches Higher On Strong Crude Draw

Oil prices rebounded on Wednesday…

Alt Text

Oil Prices Rebound On Crude, Gasoline Inventory Draws

Oil prices reversed on Wednesday…

Alt Text

The Bullish And Bearish Case For Oil

All eyes in the oil…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Why Shell Isn’t Giving Up On The Arctic Just Yet

Introduction

As summer approaches, Arctic sea ice will start to melt away. That will open up the region for oil and gas exploration. In American waters, Royal Dutch Shell (NYSE: RDS.A) is the only company braving the remote location and unique conditions in the Arctic.

Shell is not new to Alaska – it drilled the state’s first offshore oil field in the Cook Inlet in 1963. The company moved onto the Arctic in the late 1980s, drilling in the Chukchi and Beaufort Seas only to abandon them after a few short years due to their high costs amid a period of low oil prices.

But Shell returned in a big way in the mid-2000s, buying up the rights to a lot of acreage offshore Alaska in 2005 and 2007. After several years of preparation and delays due to regulatory hold ups and sea ice challenges, Shell took the plunge in 2012. The year was plagued by mishaps and false starts. Shell narrowly escaped without a major disaster, after its drill ship ran aground during a rough storm.

After a cooling off period, Shell is back at it again, gearing up for the summer of 2015 to finally get things right.

Exploration Plan

The Arctic near Alaska is thought to hold nearly 30 billion barrels of oil and over 221 trillion cubic feet of natural gas. Shell snatched acreage in both the Chukchi and Beaufort Sea, spending over $2 billion on Chukchi leases alone. It will limit its drilling focus to the Chukchi for now. The map below shows Shell’s acreage…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News