Conoco CEO says questions linger on Arctic drilling following Shell’s OK

|By:, SA News Editor

ConocoPhillips (NYSE:COP) CEO Ryan Lance says the Obama administration’s decision to allow Royal Dutch Shell’s Arctic drilling program to move forward still has not resolved all the clarifications the company is seeking in its own Arctic projects.

Many of the regulations remain subject to interpretation, the CEO says, noting that COP's plan for exploration in the Chukchi Sea "is different than what other companies are doing, so we need to make sure it fits the performance-based criteria they put in the regulation, and that’s still bit unknown.”

COP paid more than $500M for 98 exploration leases off Alaska’s north coast in 2008, but in 2013 suspended plans to drill an exploratory well there, citing uncertainty in regulations.

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