Shell's Arctic pullback puts new frontier of exploration on ice

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(LONDON) — Royal Dutch Shell's decision to suspend drilling in Alaska's Chukchi Sea ends high-risk oil exploration in the region for the foreseeable future, CNBC reported. The company said Monday that it had found insufficient oil and gas at its Burger J well to warrant further exploration, becoming the latest of the oil majors to either abandon or postpone their Arctic ambitions amid a global price collapse. Shell invested $7 billion on the effort over the past nine years.

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By Professional Mariner Staff