The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Shell pushes on with Arctic exploration as it awaits U.S. permit

Thu, 30th Apr 2015 10:08

LONDON, April 30 (Reuters) - Royal Dutch Shell ispushing ahead with plans to explore for oil in the Arctic Oceannear Alaska this summer despite opposition from environmentalgroups.

The Anglo-Dutch oil major is preparing "an armada of 25vessels" to begin a two-year programme to explore two to threewells in the Chukchi Sea off the coast of Alaska, ChiefFinancial Officer Simon Henry said on Thursday.

"We are currently on track. Some of the permits are issuedat the last moment," he told reporters.

Although Shell had to pull out of the region in 2012 afteran oil rig ran aground, the Arctic oil reserve "remains amassive value opportunity," Simon said.

Shell has submitted plans to explore the Arctic to the U.S.Interior Department after the Obama administration last monthupheld a 2008 Arctic lease sale, clearing an important hurdlefor Shell.

The Department of the Interior will now consider thecompany's drilling plan, which could take 30 days.

Shell has lined up the necessary equipment and vessels todeal with any mishaps, which Henry said are of a "very lowprobability".

Environmental organisations fear that an oil spill would bedestructive for an ecologically sensitive region and extremelyhard to clean up in a remote area with rough and frigid seas. (Editing by Keith Weir)

Related Shares

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, par...

7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating th...

31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.