• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 1 hour U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours WTI @ $75.75, headed for $64 - 67
  • 42 mins Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 57 mins U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 13 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 39 mins EU to Splash Billions on Battery Factories
  • 13 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 34 mins Iranian Sanctions - What Are The Facts?
  • 13 hours China Thirsty for Canadian Crude
  • 40 mins Superhumans
  • 15 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 14 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?
  • 15 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
Alt Text

Goldman Warns Of Oil Market Surplus Next Year

Investment bank Goldman Sachs says…

Alt Text

The No.1 Pitfall For Oil Prices

There are a plethora of…

Alt Text

Iran’s Crude Exports Plunge To 1.1 Million Bpd

Iran’s crude oil exports continued…

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