Drill Baby Drill. They tried Sarah. They found nothing. It cost them $4.1 billion. It appears that your Alaskan oil is as empty as your brain.
As reported in Bloomberg Business:
Royal Dutch Shell Plc will halt exploration in the U.S. Arctic after $7 billion of spending ended with a well off Alaska that failed to find any meaningful quantities of oil or natural gas.
Shell said it expects to take financial charges related to the Alaskan operations, which carry a value of about $3 billion on its balance sheet with additional contractual commitments of about $1.1 billion. The Hague-based company will cease further offshore activity in the region for the foreseeable future. The shares fell as much as 1.4 percent.
. . .
‘This is a clearly disappointing exploration outcome,’ Marvin Odum, director of Shell’s Upstream Americas unit, said in a statement. While indications of oil and gas were present in the Burger J well in Alaska’s Chukchi Sea, they weren’t sufficient to warrant further exploration, the company said. Shell will now plug and abandon the well.
For more on this story, click Shell Halts Alaska Offshore Exploration After Failing to Find Enough Oil.