Saw today that Shell had less than stellar results in the Chuckii (sp?) sea and are going to suspend their exploration in the Arctic. I can understand that the economics (and timing) are poor. And that the political situation is tougher. Seems like they would have needed outstanding numbers to make it work. They were investing $7B over 7 years in the project, but will have to try and recoup some of the contracted costs. There stock was down 2%, but the article thought investors may be happy that they ended it sooner rather than later.
With the economics, the Arctic may be to costly for a while. Hopefully, in the meantime we'll advance renewable and technology far enough to not need to extract it. For now, I'd say it is a very minor victory for some environmentalist. More the traditional ecosystem types, rather than climate change environmentalist because the low price is being held in place by Saudi production and, well, carbon is carbon.
With the economics, the Arctic may be to costly for a while. Hopefully, in the meantime we'll advance renewable and technology far enough to not need to extract it. For now, I'd say it is a very minor victory for some environmentalist. More the traditional ecosystem types, rather than climate change environmentalist because the low price is being held in place by Saudi production and, well, carbon is carbon.
