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  • Shell: High Hopes For Arctic Drilling 0 comments
    Aug 8, 2011 10:15 AM | about stocks: RDS.A
    Shell has been working towards the approval of their offshore exploration project in the Arctic. The Department of Interior hasn’t fully approved the project yet, but is conditionally approved. If this project is OK’ed, this could be the first sign of increased offshore production.

     

    The company has spent nearly $4 billion and more than five years trying to win the right to drill in the frigid waters, against the opposition of many environmental advocates and of Alaska natives who depend on the sea for their livelihoods.

    Opponents say the harsh conditions there heighten the dangers of drilling and make cleaning up any potential spill vastly more complicated than in the comparatively benign waters of the gulf.

    Administration officials cautioned that the company must win a number of secondary permits before it can begin punching holes in the seabed. The plan approved Thursday, considered the overarching one, contains detailed information on how the company would respond to any blowout and spill.

    “We base our decisions regarding energy exploration and development in the Arctic on the best scientific information available,” said Michael R. Bromwich, director of the Bureau of Ocean Energy Management, Regulation and Enforcement, which oversees offshore drilling. “We will closely review and monitor Shell’s proposed activities to ensure that any activities that take place under this plan will be conducted in a safe and environmentally responsible manner.”

    Find additional research here: http://turnkeyoil.com/2011/08/07/shell-high-hopes-for-arctic-drilling/
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