Post by Logan on May 11, 2016 7:56:28 GMT -6
Shell isn't the only oil company departing from Alaska's Arctic
Royal Dutch Shell’s decision last fall to abandon its offshore oil exploration program in Alaska -- and its recent move to relinquish its leases in the Chukchi Sea -- may be the highest-profile exit from the United States' Arctic offshore region, but it's not the only one. A quiet exodus of other companies that once held leases in the remote Chukchi has taken place in recent months.
ConocoPhillips, the only company besides Shell to have submitted a formal Chukchi exploration plan to federal regulators, got rid of its Chukchi leases in April, a company spokeswoman said Tuesday.
The company announced in its fourth-quarter 2015 earnings report that it will book an “impairment” for its Chukchi Sea leases, said spokeswoman Natalie Lowman. After that, ConocoPhillips and its partners decided to relinquish all their remaining 61 leases to the U.S. Bureau of Ocean Energy Management.
“The relinquishment was accepted by the BOEM on April 26. Given the current environment, our prospects in the Chukchi Sea are not competitive within our portfolio. This will effectively eliminate any near-term plans for Chukchi exploration for the company,” Lowman said.
Read more: www.adn.com/article/20160510/shell-isnt-only-oil-company-departing-alaskas-arctic
Royal Dutch Shell’s decision last fall to abandon its offshore oil exploration program in Alaska -- and its recent move to relinquish its leases in the Chukchi Sea -- may be the highest-profile exit from the United States' Arctic offshore region, but it's not the only one. A quiet exodus of other companies that once held leases in the remote Chukchi has taken place in recent months.
ConocoPhillips, the only company besides Shell to have submitted a formal Chukchi exploration plan to federal regulators, got rid of its Chukchi leases in April, a company spokeswoman said Tuesday.
The company announced in its fourth-quarter 2015 earnings report that it will book an “impairment” for its Chukchi Sea leases, said spokeswoman Natalie Lowman. After that, ConocoPhillips and its partners decided to relinquish all their remaining 61 leases to the U.S. Bureau of Ocean Energy Management.
“The relinquishment was accepted by the BOEM on April 26. Given the current environment, our prospects in the Chukchi Sea are not competitive within our portfolio. This will effectively eliminate any near-term plans for Chukchi exploration for the company,” Lowman said.
Read more: www.adn.com/article/20160510/shell-isnt-only-oil-company-departing-alaskas-arctic