After years of mishaps and false starts, some oil companies are giving up on , in the Arctic.
Many companies have allowed their leases on offshore Arctic acreage to expire. Since 2003, the rights to an estimated 584,000 acres in the Beaufort Sea have been allowed to lapse.
The oil industry was once optimistic about drilling for oil off the north coast of Alaska.
Shell Oil had been the leader, venturing into territory where other oil companies were unwilling to go. But then experienced a series of accidents and setbacks.
Shell’s troubles have scared away other oil companies. In 2012, several majors, including Statoil and Total, put their Arctic plans on hold indefinitely, citing too many dangers.
(Source: Oil Price.com)