Shell Abandons Plans for Arctic Drilling in 2014

From Ring of Fire:

Shell Oil Company has temporarily halted plans to pursue further drilling in the Arctic after a ruling by a Ninth Circuit Court of Appeals. Last week, the court ruled that the Interior Department’s environmental review for Bush-era lease sales for drilling in the Arctic Ocean is unsound. Shell is the only company that has begun drilling in the artic, leading to a series of costly errors and accidents.

According to Law360, Shell has shelved drilling plans for 2014 due to the “substantial obstacles” created by the court’s ruling. On Thursday, Shell’s new CEO, Ben van Beurden, told investors that the company faces a “changing operational landscape” in part due to legal issues related to its drilling plans in the Chukchi Sea.

You can read the full article here at Ring of Fire.