Tag

Information for this article was contributed by Dan Joling of The Associated Press.

Environmental groups oppose drilling in the Arctic due to the vulnerability of animals already struggling to survive because of melting sea ice, as well as risk that a spill could pose to the region.

Environmental groups had vociferously opposed Shell’s Arctic drilling bid, as well as the Obama administration’s granting of a drilling permit to the company this spring.

Climate change even seemed to be co-operating, making the northern sea routes passable to drilling vessels and supply ships.

Yet that long-term play is suddenly over – or at least on prolonged pause – after Shell announced Monday that several factors led it to abandon the project “for the foreseeable future“.

The US Geological Survey said in 2008 that within the Arctic circle there are 90 billion barrels of oil and vast quantities of natural gas waiting to be tapped, most of it offshore. “That is not the case”. In December, Chevron also suspended Canadian Arctic...

The Hague-based company originally obtained the necessary licenses to drill in the Chukchi Sea in 2008 when oil prices were more than 0 a barrel.

“The company has to be resilient in today’s oil price environment”.

Chevron in the US has also announced mobile payments through Apple Pay but they are in testing period at the moment. With so many gas stations these days retaining little compunction for forcing the user to pay for gas he or she doesn’t actually get until it’s pumped...