Thursday, March 21, 2013

Arctic Black Gold

Shell spent seven years and an estimated $5 billion getting ready for its chance to tap the reserves of fossil fuels thought to be stashed beneath the Arctic seabed, and the result was irrefutably a failure.

 Neither the oil and gas industry nor its regulators are adequately prepared for Arctic offshore drilling operations. America’s Arctic outer continental shelf will be undisturbed by drilling rigs in 2013, but the battle over oil and gas exploration in its frigid waters is far from over. Shell made clear that it sees this latest announcement to pause operations as a hiatus, not a cancellation of its plans to tap the Arctic Ocean’s reserves. Marvin Odum, Shell’s director of Upstream Americas, said, “Our decision to pause in 2013 will give us time to ensure the readiness of all our equipment and people following the drilling season in 2012.” 

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Response will be awhile Sir, we'er in the ice!

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