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Although no one has got a clear crystal ball, there is an increasing acceptance that price recovery will take years.
The Interior Department announced Friday it is canceling future lease sales and will not extend current leases in Arctic waters off Alaska’s northern coast.
After seven years of preparation and several billion dollars spent, Shell has decided to abandon its exploration program in the US Arctic “for the foreseeable future.”
After billions invested over several years, Royal Dutch Shell said Sept. 28 it would end oil exploration offshore in Alaska after “disappointing” results.
Oil and gas giant ConocoPhillips has become the second major oil company to suspend drilling off Alaska’s Arctic Coast, boosting calls by environmentalists to end drilling in the Arctic altogether.
