Why did Shell stop drilling in the Arctic?
Royal Dutch Shell has stopped Arctic oil and gas exploration off the coast of Alaska after “disappointing” results from a key well in the Chukchi Sea. Shell said it did not find sufficient amounts of oil and gas in the Burger J well to warrant further exploration.
What companies are drilling in the Arctic?
Yet major companies like Shell and Exxon are making aggressive moves to usher in a new “oil rush” in the Arctic Ocean. In some places it has already begun. Russian oil giant Gazprom has already begun producing small amounts oil from the Arctic in the ocean north of Russia.
What concerns do Greenpeace have about oil and gas developments in the Arctic?
Drilling in the Arctic is also very dangerous. Icebergs could collide with oil rigs and spills would be almost impossible to clear up. No company has convincingly shown how it can clear up a spill in these extreme conditions. And like all our oceans, the Arctic Ocean is suffering from plastic pollution.
Will there be oil drilling in the Arctic?
The decision blocks, for now, oil and gas drilling in one of the largest tracts of undeveloped wilderness in the United States.
Why is it expensive to drill for oil in the Arctic?
Analysts believe Shell was driven by a need to shore up its reserve base as an increasing number of oil and gas deposits are held by national oil companies and American frackers. Last year Shell replaced just 26% of the 1.2 billion barrels of oil equivalent or “boe” it produced.
When did Shell stop drilling in the Arctic?
The company didn’t even attempt to drill in 2013, and its plans to go out in 2014 were rejected. By this point, the company had spent more than $5 billion in the Arctic and still had nothing to show for it.
Why is Arctic drilling good?
Oil drilling in any capacity always provides an economic boost, but Arctic Sea drilling conveys certain unique and specific benefits. By developing offshore drilling in the Arctic Sea, oil companies can enrich the surrounding areas, bolster the nation’s oil reserves and even lead to scientific developments.
What is happening in the Arctic oil drilling?
Polar bears Expansion of oil and gas drilling in their habitat could be extremely damaging. Direct contact with spilled oil would kill polar bears but an invisible threat could persist for years, as toxic substances lingering in ice or water may impact the entire food web of the Arctic ecosystem for years to come.
Why are they drilling in the Arctic?
“Oil and gas drilling contributes to climate change and threatens wildlife and communities. Allowing drilling in the Arctic Ocean would add new environmental stressors – from pollution, to noise and other forms of disturbance – to marine wildlife that are already feeling the brunt of warming sea and air temperatures.
When did Arctic drilling begin?
Russia makes the first major Arctic energy discovery in 1962 by uncovering the Tazovskoye Field. Shortly after, in 1968, the first US Arctic oil and gas discovery was made in the Prudhoe Bay field on Alaska’s North Slope.
How much oil does Saudi Arabia have?
Oil Reserves in Saudi Arabia Saudi Arabia holds 266,578,000,000 barrels of proven oil reserves as of 2016, ranking 2nd in the world and accounting for about 16.2% of the world’s total oil reserves of 1,650,585,140,000 barrels. Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption.
Who Owns the Arctic?
It is the line north of which there is at least one day each year of total darkness and one of total light. Eight countries have territory within it: America (through Alaska), Canada, Denmark (by virtue of Greenland), Finland, Iceland, Norway, Russia and Sweden.
What did Greenpeace do to stop Shell’s Arctic oil drilling project?
In February 2012, Greenpeace launched an initiative to stop Royal Dutch Shell’s oil drilling project in the Arctic Ocean. They claimed that Shell was not prepared for a spill, with the nearest port to their drilling location over a thousand nautical miles away.
Who is drilling for oil in the Arctic Ocean?
Arctic Oil Drilling. Yet major companies like Shell and Exxon are making aggressive moves to usher in a new “oil rush” in the Arctic Ocean. In some places it has already begun. Russian oil giant Gazprom has already begun producing small amounts oil from the Arctic in the ocean north of Russia.
Will Shell’s Arctic oil drilling spill cause a major oil spill?
In a review of Shell’s plans to drill in the Alaskan Arctic Ocean, the U.S. Department of the Interior found that there’s a 75 percent chance of a major oil spill if an oil company finds oil and produces it.
Why are environmental activists protesting oil drilling in the Arctic?
Greenpeace also protested drilling in the Arctic because the region is only accessible as a result of climate change, produced by greenhouse gas emissions that are enabled by Shell and the oil industry.