Shell Halts Alaska Offshore Drilling After 9th Circ. Ruling
By Erica Teichert (January 30, 2014, 5:03 PM EST) -- Royal Dutch Shell PLC has shelved its Alaskan offshore drilling plans for 2014 due to the "substantial obstacles" created by a 9th Circuit ruling reviving a challenge to its drilling permits, the company said Thursday.
Shell's new CEO Ben van Beurden told investors on Thursday that the company is facing a "changing operational landscape" thanks to issues with security in Nigeria, legal woes associated with its drilling plans in the Chukchi Sea and delays to other nonoperated projects. Due to these obstacles, Shell will focus on bettering capital efficiency and streamlining its portfolio.
"This is a disappointing outcome, but the lack...
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