Shell is days away from major oil hunt in the Arctic

The oil company will be a controversial first-mover in the region. "Everyone's watching us," says Shell executive.

Photo: Marinvest

Oil giant Royal Dutch Shell is just a few days away from being able to drill for oil in the Arctic Ocean with two large drilling rigs headed towards the Alaskan part of the oil field Chukchi. This part of the oil field is estimated to contain up to 29 billion barrels of oil and gas, according to The Wall Street Journal.

While Shell pursues the opportunities for oil extraction in the Arctic, other major oil companies such as Exxon and Chevron are standing by on the sidelines. There are various reasons for this, such as the declining oil prices and the current sanctions against Russia.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

IKEA stops chartering container vessels

IKEA will no longer lease space on board container ships to have its products brought to shelves across the world, the global furniture group confirms. But the company is trying to avoid congested ports.

Further reading

Related articles

Latest news

See all jobs