30.09.2015 - Oil prices: Has black gold lost its shine?
Royal Dutch Shell has halted oil exploration in the Arctic, after a $7bn (£4.6bn) quest failed to yield enough crude to justify continued spending. The venture has been a “very costly error” and will damage the company both financially and reputationally, according to Deutsche Bank analyst Lucas Herrman. Shell said it is likely to take a further $4.1bn hit as it withdraws from searching the area, which is in the Chukchi Sea off the coast of Alaska. Its ill-fated explorations in the Arctic region were also put on hold in 2012 when a drilling rig broke free...............................................Full Article: Source
Print