• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 8 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 11 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 days Changing Gazprom ADRs to Russian shares
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Will Shell have their Arctic Exploration License Revoked?

Shell has been in the news a lot lately for the disastrous set of events that plagued the theoretically simple task of towing the Kulluk deep water drill rig from Arctic waters down to a safe harbour in Seattle.

In truth Shell’s entire Arctic venture has been a mess form start to end, with constant problems and accidents that have gradually reduced confidence in Shell’s ability to operate in the Arctic.

Ken Salazar, the US Interior Secretary Ken Salazar, has ordered a 60 day internal assessment of Shell’s operations in the Beaufort and Chukchi seas in order to determine if they were fit to continue with their Arctic oil exploration plans.

“It’s troubling that there was such as series of mishaps,” he said. “There is a troubling sense I have that so many things went wrong.”

Related Article: Shell's Alaska Rig Debacle - Tip of the Iceberg?

Shell (NYSE: RDS-A) has spent around $4.5 billion over the past seven years trying to prepare for its oil exploration campaign into Alaskan waters, and the ride has not been a smooth one. Aside from the latest fiasco with the Kulluk drill rig running aground, last year Shell’s oil spill containment dome struggled to receive US approval after being damaged during the initial tests; also their drill ship, the Noble Discoverer, slipped its anchor and dragged towards shore in July.

Democratic Representative, Ed Markey, Massachusetts, stated yesterday that “we have seen enough accidents to know that right now Shell is not prepared to safely drill in the Arctic.” I am of a mind to agree with him.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News