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Global Energy Advisory - June 15th 2018

Global Energy Advisory - June 15th 2018

Oil markets are on edge…

Shell Suffer Yet Another Delay to Arctic Drilling Plans

Shell must be beginning to wonder if there is some greater power that doesn’t want them to drill for oil in the Arctic after they have suffered yet another setback in their plans.

They have had to postpone their latest plans after a containment dome that is intended to cap any spills that may occur, was damaged.

Shell has released a statement saying that there will not be enough time to actually drill to the necessary depth to extract oil. Instead it will drill several top holes, to be completed next year when the Arctic drilling seasons opens again.

In their statement Shell said that, “we are disappointed that the dome has not yet met our stringent acceptance standards, but as we have said all along, we will not conduct any operation until we are satisfied that we are fully prepared to do it safely.”

This latest delay is just one in a series which Shell has had to endure. Having carefully prepared for six years, invested $4.5 billion in drilling leases and new equipment, and having fought at least 50 lawsuits against environmental groups Shell finally began drilling this month. They managed a full day before they had to move the rig in order to avoid sea ice. Before that their Noble Discoverer drillship dragged its anchor and ran aground, causing them to delay action whilst the whole ship was thoroughly inspected.

By. Joao Peixe of Oilprice.com


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