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Total (TOT) warns energy companies against drilling for crude in Arctic waters, the first time...

Total (TOT) warns energy companies against drilling for crude in Arctic waters, the first time an oil major has publicly spoken out against offshore oil exploration in the region. The risk of an oil spill in such an environmentally sensitive area is too high, CEO Christophe de Margerie says: “A leak would do too much damage to the image of the company."
Comments (10)
  • Drill anyway. Nobody goes up there.
    25 Sep 2012, 05:33 PM Reply Like
  • Could it possibly be that TOT has no acreage in the arctic???

     

    French/French companies are somewhat strange...just like France banning all drilling and fracking in shale for natural gas and gas liquids. That is an easy ban since France has essentially no hydrocarbon bearing shale.
    25 Sep 2012, 05:41 PM Reply Like
  • Could it also be that TOT would like to restrict drilling in areas where they do not have acreage, thus keeping the supply lower and keeping prices higher?
    25 Sep 2012, 07:21 PM Reply Like
  • It is entirely appropriate for TOT to stay away from drilling in areas they consider dangerous. They actually don't have the technology expertise to safely undertake such an effort. That does not mean that others who have the expertise should not be allowed to try, as long as they are prepared to handle emergency issues.
    25 Sep 2012, 05:47 PM Reply Like
  • I'm a greenie and agree with you. The appropriate technology should make it feasible and safe. That being said, a major oil spill could be catastrophicand would shut down the whole region to drilling.
    25 Sep 2012, 05:55 PM Reply Like
  • Drill baby drill-no matter what,profit is all that counts in corners!
    25 Sep 2012, 06:04 PM Reply Like
  • More like talking his book against Shell or Statoil. Total are finding enough warm water opportunities, so it is an easy statement for him to make.
    25 Sep 2012, 06:53 PM Reply Like
  • Guarantee that the Russians will drill. Maybe they can run another shipment of old nuclear reactors and waste to dump off on the way.
    25 Sep 2012, 09:54 PM Reply Like
  • I can't think of any company that drills/wants to drill there that wouldn't say that they have the expertise and are prepared to handle emergencies that might be encountered. Best to get a quorum of the companies which are experienced and active in the industry and which have the best safety records. I'm really not contradicting myself in the sense that I don't think all of the companies want to drill there for various reasons one of which may be due to that very risk. What do others think?
    25 Sep 2012, 09:57 PM Reply Like
  • And the other day there was a market current discussing drilling in areas near where Russia dumped nuclear waste for decades, in the arctic. Is that an environmental disaster waiting to happen too?
    26 Sep 2012, 06:58 AM Reply Like
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