Monday, September 28, 2015 2:46:29 AM
Shell Halts Alaska Oil Drilling After Disappointing Well Result
"Environmentalists were hoping he [President Obama] would close off the Arctic to drilling for oil and gas,
and some outside the conference venue rallied against Shell's exploratory drilling in the Chukchi Sea."
Winnie Zhu
September 28, 2015 — 3:26 PM AEST
Updated on September 28, 2015 — 3:43 PM AEST
Chukchi Sea Town Of Shishmaref, Alaska Concerned Over Gov't Approval Of Exploratory Oil Drilling
Royal Dutch Shell Plc will stop further oil and gas exploration offshore Alaska, citing high costs and “challenging” regulation for drilling in the region.
Shell forecast it will take related financial charges, according to a company statement on Monday. The balance sheet carrying value of its Alaska position is about $3 billion, with additional future contractual commitments of about $1.1 billion, The Hague, Netherlands-based energy explorer said.
The company will abandon the Burger J well in Alaska’s Chukchi Sea, saying indications of oil and gas weren’t sufficient to warrant further exploration. The company holds a 100 percent working interest in 275 Outer Continental Shelf blocks in the sea, according to the statement.
“Shell will now cease further exploration activity in offshore Alaska for the foreseeable future,” the company said. “This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska.”
http://www.bloomberg.com/news/articles/2015-09-28/shell-to-stop-exploring-offshore-alaska-on-regulations-costs
===
Shell to Cease Off-Shore Arctic Oil Drilling in Alaska
by The Associated Press
Sep 28 2015, 2:23 am ET
VIDEO - Inside Shell's $7 Billion Gamble for Oil in Remote Arctic Seas 3:17
Royal Dutch Shell PLC says it's ceasing exploration in offshore Alaska for the foreseeable future.
The company says an exploratory well drilled to 6,800 feet found oil and gas but not in sufficient quantities.
Shell USA President Marvin Odum says in an announcement early Monday in The Netherlands that it's a disappointing outcome for that part of the Chukchi Sea basin.
RELATED: Shell's $7 Billion Arctic Oil Gamble
http://www.nbcnews.com/news/us-news/shells-7-billion-arctic-oil-gamble-n428521
Shell drilled in 150 feet of water about 80 miles off Alaska's northwest coast.
The exploratory well was the first in the Chukchi in 24 years.
Environmental groups oppose Arctic offshore drilling and say industrial activity and more greenhouse gases will harm polar bears, walrus and ice seals.
RELATED: Changing Arctic: Land of Pickled Whale and $10 Milk
http://www.nbcnews.com/storyline/fight-for-the-arctic/changing-arctic-land-whale-oil-10-milk-n426926
Over the summer, protesters in kayaks unsuccessfully tried to block Arctic-bound Shell vessels in Seattle and Portland, Oregon.
Shell has spent about $7 billion on Arctic offshore development on the hope that there would be deposits worth pursuing.
http://www.nbcnews.com/news/us-news/shell-cease-shore-arctic-oil-drilling-alaska-n434621
.. that's good news .. i hope our good ol' ball of fire earthy planet is barren enough down deep to make that the case in the Arctic everywhere ..
"Environmentalists were hoping he [President Obama] would close off the Arctic to drilling for oil and gas,
and some outside the conference venue rallied against Shell's exploratory drilling in the Chukchi Sea."
Winnie Zhu
September 28, 2015 — 3:26 PM AEST
Updated on September 28, 2015 — 3:43 PM AEST
Chukchi Sea Town Of Shishmaref, Alaska Concerned Over Gov't Approval Of Exploratory Oil Drilling
Royal Dutch Shell Plc will stop further oil and gas exploration offshore Alaska, citing high costs and “challenging” regulation for drilling in the region.
Shell forecast it will take related financial charges, according to a company statement on Monday. The balance sheet carrying value of its Alaska position is about $3 billion, with additional future contractual commitments of about $1.1 billion, The Hague, Netherlands-based energy explorer said.
The company will abandon the Burger J well in Alaska’s Chukchi Sea, saying indications of oil and gas weren’t sufficient to warrant further exploration. The company holds a 100 percent working interest in 275 Outer Continental Shelf blocks in the sea, according to the statement.
“Shell will now cease further exploration activity in offshore Alaska for the foreseeable future,” the company said. “This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska.”
http://www.bloomberg.com/news/articles/2015-09-28/shell-to-stop-exploring-offshore-alaska-on-regulations-costs
===
Shell to Cease Off-Shore Arctic Oil Drilling in Alaska
by The Associated Press
Sep 28 2015, 2:23 am ET
VIDEO - Inside Shell's $7 Billion Gamble for Oil in Remote Arctic Seas 3:17
Royal Dutch Shell PLC says it's ceasing exploration in offshore Alaska for the foreseeable future.
The company says an exploratory well drilled to 6,800 feet found oil and gas but not in sufficient quantities.
Shell USA President Marvin Odum says in an announcement early Monday in The Netherlands that it's a disappointing outcome for that part of the Chukchi Sea basin.
RELATED: Shell's $7 Billion Arctic Oil Gamble
http://www.nbcnews.com/news/us-news/shells-7-billion-arctic-oil-gamble-n428521
Shell drilled in 150 feet of water about 80 miles off Alaska's northwest coast.
The exploratory well was the first in the Chukchi in 24 years.
Environmental groups oppose Arctic offshore drilling and say industrial activity and more greenhouse gases will harm polar bears, walrus and ice seals.
RELATED: Changing Arctic: Land of Pickled Whale and $10 Milk
http://www.nbcnews.com/storyline/fight-for-the-arctic/changing-arctic-land-whale-oil-10-milk-n426926
Over the summer, protesters in kayaks unsuccessfully tried to block Arctic-bound Shell vessels in Seattle and Portland, Oregon.
Shell has spent about $7 billion on Arctic offshore development on the hope that there would be deposits worth pursuing.
http://www.nbcnews.com/news/us-news/shell-cease-shore-arctic-oil-drilling-alaska-n434621
.. that's good news .. i hope our good ol' ball of fire earthy planet is barren enough down deep to make that the case in the Arctic everywhere ..
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
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