Obama Administration Moves Forward with ‘Lease Sale 193′ in Chukchi

- October 4th, 2011

Rigzone reported that the Obama administration is moving forward with oil-drilling leases issued off the coast of Alaska.

Rigzone reported that the Obama administration is moving forward with oil-drilling leases issued off the coast of Alaska.

As quoted in the market news:

The Interior Department said it was going to uphold nearly 500 leases issued in the Chukchi Sea after several environmental groups challenged the sale of the leases in court. The George W. Bush administration conducted the sale in 2008, collecting bids worth about $2.7 billion. Among the companies securing leases in “Lease Sale 193″ was Shell, the energy giant at the center of a high-profile fight to secure permits to drill in the Arctic.

Environmental groups oppose the Chukchi Sea leases, contending U.S. regulators don’t know enough about the Arctic–its marine life and ecosystem–to allow drilling in the region. The groups also raise concerns about the ability of energy companies to respond to spills in the Arctic’s icy waters.

Click here to read the entire Rigzone report

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