Does Shell drill in the Arctic?
Amid slumping oil prices and months of protests, including kayaktivists who paddled in front of an icebreaker to block its path, Shell announced Monday that it has ended its exploratory oil drilling in the Arctic for the “foreseeable” future.
When did Shell start drilling in the Arctic?
The Polar Pioneer rig began drilling on 30 July, but US safety standards have prevented the company from sinking a well deep enough to hit oil until a key safety vessel, an icebreaker called the Fennica, was in the Chukchi Sea.
Are they still drilling for oil in the Arctic?
The Arctic is no place for oil and gas drilling, and this site is not far from one of America’s last wild places—the Arctic National Wildlife Refuge.
What banks are funding oil drilling in the Arctic?
Article bookmarked
- Bank of America has ruled out financing oil drilling in the Arctic region, including the Arctic National Wildlife Refuge, according to Bloomberg.
- It joins all other major American banks – Goldman Sachs, Morgan Stanley, Chase, Wells Fargo, and Citi – who announced similar policies earlier this year.
Why do they drill in the Arctic?
Horizontal drilling increases the production rate of a well because it has greater surface area and because it allows access to oil miles away and in hard-to-reach areas. Arctic Power says that 90 percent of the wells in Prudhoe Bay, the largest oil field in the U.S., are horizontal.
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.
Does Bank of America support Arctic drilling?
After ongoing pressure from environmental groups and Indigenous communities, Bank of America has said it will not finance any oil and gas exploration in the Arctic, making it the last major U.S. financial institution to do so.
Does Bank of America Fund pipelines?
Mega-banks often use your money to fund projects that may not be in line with your values— and nearly 40 of them are financially supporting the Dakota Access Pipeline (DAPL), including US Bank, JP Morgan Chase, Bank of America, Wells Fargo, and more.
Where is Shell Oil drilling in the Arctic?
Shell Oil’s drilling rig Polar Pioneer operates in the Chukchi Sea in 2015. Shell’s latest offshore Arctic plans involve leases far closer to shore. (Royal Dutch Shell)
When did shell start its frontier exploration program?
Shell’s frontier exploration program started with the acquisition of Beaufort Sea leases in 2005, The company bought more Beaufort leases in 2007. In 2008 it spent a staggering $2.1 billion on Chukchi Sea leases. After spending billions more dollars, working in both the Beaufort and the Chukchi, the company ended the program in 2015.
Where are the Shell Oil leases in Alaska?
Company unit Shell Offshore Inc., in an Aug. 27 application to the Alaska Division of Oil and Gas, outlined a multiyear exploration plan for 18 leases at West Harrison Bay, in the Beaufort Sea, northwest of the Colville River Delta — just offshore from an area where other oil companies are pursuing exploration and development programs.
When does shell start drilling in West Harrison Bay?
In its application for unit status, Shell proposed a five-year exploration plan, with drilling envisioned to start in the winter of 2023-24. The time frame, if approved by the state, will give Shell an opportunity to attract a partner or partners to West Harrison Bay, the application said.