ConocoPhillips Suspends 2014 Alaska Drilling Plans

Law360, New York (April 10, 2013, 2:36 PM EDT) -- ConocoPhillips Co. said Wednesday said it would shelve plans to drill for oil and gas in Alaska's Chukchi Sea in 2014, saying an uncertain U.S. regulatory environment surrounding Arctic drilling doesn't justify the investment needed to stick with the company's timetable.

The energy giant, which was awarded 98 exploration lease tracts in the Chukchi Sea in 2008, said in a statement that given the evolving federal regulatory requirements and operational permitting standards, "it would not be prudent at this time to make the significant monetary commitments...
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