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July 25, 2014
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Shell to suspend Arctic drilling following Greenpeace opposition

Greenpeace protester on Arctic platform (PRESS RELEASE)
Anglo-Dutch oil company Royal Dutch Shell has suspended its controversial Arctic drilling programme against a backdrop of significant environmental opposition.

Last September, Greenpeace activists including argentines Camila Speziale and Hernán Perez Orsi carried on a protest at an arctic platform belonging to Shell's partner Gazprom.

Shell has over the last eight years spent around $5 billion searching for oil in Alaska's Arctic seas, but the company said recent legal difficulties in addition to costs made the exercise "impossible to justify".

Chief Executive Ben van Beurden set out plans to make the world's No.3 investor-owned oil company leaner, with a new focus on growing cash.

The planned changes also follow a profit warning for the quarter to the end of December that revealed across-the-board problems at Shell, which was also hit by industry-wide challenges of delivering attractive returns to shareholders in the face of flat oil prices and rising costs.
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Tags:  Shell  Arctiv  Greenpeace  





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