海角大神

Shell announced Monday that it is ceasing offshore oil and natural gas exploration in the Arctic.

The US Geological Survey estimates the Chukchi Sea, where Shell鈥檚 test-drilling took place, could contain around barrels of recoverable oil. Shell planned to drill up to within the next year, hoping Alaska's Chukchi basin could be 鈥渁 potential game-changer鈥� in US energy independence.

But after one well, Shell is calling it quits.

鈥淥ur decision to stop exploration for the foreseeable future reflects both the Burger J well result, the high cost associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska,鈥� Shell Alaska spokesman Curtis Smith told 海角大神.

The Hague-based company originally obtained the necessary licenses to drill in the Chukchi Sea in 2008 when oil prices were more than . But the price of oil has fallen聽 in the past year due to global oversupply. 鈥淭he entire episode has been a very costly error for the company both financially and reputationally,鈥� analysts at Deutsche Bank, who estimate the failed project could cost the company about $9 billion, told .听

And although Shell insists that they are ending their exploration because of economical and geopolitical reasons, environmentalists are claiming a victory.

鈥淭hey had a budget of billions, we had a movement of millions. For three years we faced them down, and the people won,鈥�

Mr. Smith insists that public opinion 鈥渄id not play a role,鈥� but environmentalists disagree.

Cassady Sharp, Arctic Media Officer at Greenpeace, told 海角大神 that the recent protests 鈥渃rystallized more than before鈥� because of 鈥渞eally amazing visual spectacles, voices included.鈥�

This spring and summer 鈥渨as a great opportunity for the Pacific Northwest to galvanize because they could actually see the rigs off the coast,鈥� adds Ms. Sharp.

Photos of protestors in kayaks over Shell鈥檚 drill site spread across social media, encouraging skeptical responses from the company鈥檚 own , at the International Energy Agency, and presidential candidate Hillary Clinton.

鈥淚nvestors don鈥檛 want Shell to deliver more capex [capital expenditures] into Alaska,鈥� Berstein research analyst l. 鈥淚 imagine investors will be OK with a $1 billion hit versus tens of billions in the future.鈥�

There has been doubt expressed from within Shell鈥檚 own leadership, as Ben van Beurden Shell鈥檚 CEO is reportedly worried that Arctic drilling would damage the company鈥檚 stance on climate change. Shell has promoted contradictory environmental claims since the company first publically accepted oil鈥檚 role in man-made climate change in 1997.

Because van Beurden has previously promoted natural gas as a towards a lower carbon future, Shell鈥檚 operations in the Arctic have challenged his reputation.

鈥淭he Save the Arctic movement has exacted a huge reputational price from Shell for its Arctic drilling programme. And as the company went another year without striking oil, that price finally became too high. They鈥檙e pulling out,鈥� said in a statement.

But environmentalists insist that now is not a time to be complacent. 鈥淲e are now asking Obama to take this as an omen and ban offshore drilling,鈥� adds Sharp.听