The Rising Influence of Rising Affluence

[DewDiligence]

Shell abandons Chukchi Sea for “foreseeable future” (whatever that means):

http://ih.advfn.com/p.php?pid=nmona&article=68663742&symbol=RDS.A

Shell has found indications of oil and gas in the Burger J well, but these are not sufficient to warrant further exploration in the Burger prospect. The well will be sealed and abandoned in accordance with U.S. regulations.

… Shell will now cease further exploration activity in offshore Alaska for the foreseeable future. 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.

The company expects to take financial charges as a result of this announcement. The balance sheet carrying value of Shell's Alaska position is approximately $3.0 billion, with approximately a further $1.1 billion of future contractual commitments. An update will be provided with the third quarter 2015 results.

After all those years fighting the indigenous peoples, the environmentalists, and the anti-carbon crowd, it ends like this.