Shell Freezes its Arctic Oil Drilling

  • Shell has abandoned its controversial drilling operations in the Alaskan Arctic in the light of mounting opposition from
    environmentalists.
  • Shell said that it had made a marginal discovery of oil and gas with its summer exploration in the Chukchi Sea but not enough to continue to the search for the “foreseeable” future.
  • Critics had pointed out that the drilling could only endanger one of the world’s last pristine environments and produce expensive hydrocarbons that were no longer needed.
  • Shell has spent over $7bn (£4.6bn) on its failed hunt for oil and said it would have to take a hit of around $4.1bn on future earnings as a result of the decision to freeze the drilling.

Background

  • The drilling had restarted in July this year, three years after the company’s last ill-fated venture north.
  • Earlier in September, Shell had been forced to leave a Prince of Wales climate change project which it helped found after a row over the oil company’s controversial drilling programme in the Arctic.
  • The plan included pulling the detonator on a carbon bomb which eventually could spray 150bn tonnes of carbon dioxide into the atmosphere.

News Item Compiled by Atishya Kumar

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