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2015-09-29 17:30
Bloomberg

Shell‘s Alaska Exit Means Arctic Oil Reserves Remain Locked Away

The Shell Oil Company's arctic drilling rig Polar Pioneer is shown in Seattle, Washington, in this file photo taken May 14, 2015. Matt Mills McKnight (Reuters / Scanpix)
The Shell Oil Company's arctic drilling rig Polar Pioneer is shown in Seattle, Washington, in this file photo taken May 14, 2015. Matt Mills McKnight (Reuters / Scanpix)
The inglorious end to Royal Dutch Shell Plc‘s $7 billion search for oil in Alaska means billions of barrels of crude will probably remain locked away in Arctic waters from the U.S. to Russia -- at least as long as prices remain near $50 a barrel.

Shell abandoned exploration off Alaska for the „foreseeable future“ on Monday after it failed to find meaningful quantities of oil or natural gas. In Russia, sanctions over Ukraine have halted partnerships aimed at exploring offshore in the Arctic, while exploration in Greenland has been on hold since 2012 and activity in Norway is slowing.

„This effectively ends exploration for new Arctic oil until prices recover,“ Ahmed Ben Salem, a Paris-based analyst with Oddo & Cie, said by phone. „Shell was the only company with a strong enough balance sheet that was currently exploring in the Arctic.“

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