Oil giant Shell to drill for oil in the Arctic off the Alaskan coast

Oil and gas giant Shell plans to begin drilling for oil in the Arctic within the next two weeks and a fleet of thirty ships have left from Dutch Harbor in Alaska for the Arctic to support two initial exploratory wells. These are expected to be in relatively shallow waters of about 40 to 50m deep, off the coast of Alaska, and Shell would make use of conventional drilling techniques. In case the results are satisfactory, the company will go ahead with further exploration by the end of 2016. B then, it would have incurred expenditure of another $1.4bn on the project.
This has been reported in bbc.com dated 3 July 2015.

Shell has already committed about $7bn to the controversial project, and is confident it will find huge quantities of oil in the region. However, in case the initial wells do not find oil, the company will consider to shelve the project and walk away.
The US Department of the Interior had given the green light to Shell to commence Arctic oil exploration in May this year, and the Anglo-Dutch group is of the opinion that it will get the remaining necessary permits in the next week or two.
Experts estimate that more than 20% of the world's undiscovered oil and gas resources are in the Arctic. Incidentally, Shell had originally discovered natural gas in the Arctic in 1989, and it is now hoping to find oil.
(Image courtesy wikimediacommons.org)

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