Shell Announces No Arctic Drilling for 2013

Sydney Morning Herald reported that Royal Dutch Shell will not drill for oil in the Arctic seas this year, a decision that was widely expected following a series of major setbacks in 2012.

As quoted in the market news:

Shell has spent more than $US4.5 billion on its search for oil in Alaska’s Chukchi and Beaufort seas since it won licences to drill there in 2005. But its season last year was delayed by regulatory problems with equipment, and 2012 then ended dramatically with the grounding of the Kulluk drillship in a storm, while it was being towed south for the winter.

Click here to read the full Sydney Morning Herald report.