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Shell won drill for oil in Alaska Arctic this year

AMSTERDAM Oil companies rush to find reserves off cheap nba jerseys Alaska Arctic shores suffered a setback Thursday after Shell said it would suspend its operations in the region, possibly for good.

Royal Dutch Shell PLC is the main company to have purchased leases for oil fields off Alaska Arctic shores, but its cheap jerseys shop attempts to drill have been halting because of technical and legal hurdles.

While other companies are still seeking to exploit deep water Arctic fields nearby in Canada, Shell troubles may indicate that the difficulties outweigh the potential economic benefits.

will not drill in Alaska in 2014, and we are reviewing our options there, Shell CEO Ben van Beurden said. Open triumphGolfers give bad reviews of Chambers Bay course, USGA says it’s just fineCool Seattle places off the tourist pathNine time major winner Gary Player calls Chambers Bay a ‘tragedy’Commuters: Seattle area wholesale nba jerseys traffic stinks, but we’d rather drive alone

Shell received a negative federal court decision last week. Environmentalists are still challenging whether the government 2008 decision to open the area to exploration was correctly granted in the first place: It is covered by ice most of the year. chief of the Oceana conservationist group, said Shell retreat shows that offshore drilling in the Arctic is not a good bet from a business perspective. troubles in Alaska are only the most visible in a series of setbacks for the company in the United States, and van Beurden hinted he won prioritize investments there in cheap jerseys the future.

While oil prices remain high globally, America natural gas prices and associated crude markers remain low, and industry refining margins are under pressure van Beurden said.

Last month, Shell said it was scrapping a $20 billion project to develop an onshore natural gas to diesel facility in Louisiana.

Shell began preliminary drilling in the Chukchi sea off Alaska coast in the summer of 2012, after purchasing licenses for $2.1 billion in 2008.

group exploration near the North Pole cost billions of dollars and generated reams of negative press yet not a single drop of oil has been pumped, said Garry White, Chief Investment Correspondent at British brokerage Charles Stanley.

the mining sector, capital discipline has been lacking at the major oil groups, and there is pressure from shareholders to cut back investment to improve cash flows, he said. appears to be listening. Beurden said Shell will cut spending by $9 billion this year and is targeting $15 billion in asset sales.Articles Connexes?

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