Our take: With global oil demand expected to rise in the long term, and conventional production in decline, international and national fuel companies have turned increasingly to more challenging exploration and production.
Faced with iced-in Arctic waters and failure to secure U.S. Coast Guard approval of its oil-spill barge, Royal Dutch Shell is ratcheting down its plan to drill as many as five exploratory wells this summer in the seas north of Alaska.
The company planned to sink the wells in the Chukchi and Beaufort seas during a brief window between July and October, when the waters were expected to be clear of severe ice. But Pete Slaiby, Shells vice president for Alaska operations, said its unlikely the company will be able to meet that goal due to regulatory challenges and stubborn ice.
We are still hopeful that we will get some wells drilled, Slaiby said. Considering what weve been through . . . I think doing any kind of drilling will be a success.
- Kennecott hopes project will change mountain...
- State lawmaker calling for criminal probe...
- 10 jobs you can get right now
- 10 things to know about corporate inversions
- Amish country bristles at ‘Mafia’...
- Summit County sees credit card breach after...
- 6 financial moves to prevent sleepless nights
- 3 ways insurers can still avoid covering the...
- 10 things to know about corporate... 32
- 3 ways insurers can still avoid... 13
- Paul Mero steps down as head of... 9
- Cantwell targets small business loan... 4
- Applications for US unemployment aid... 4
- Dave Ramsey says: Government unlikely... 3
- Utah board approves winery in... 3
- Study: Social media users shy away from... 2