30 Mar '13, 3pm

Drumbeat: March 30, 2013

Norway’s Statoil, for instance, recently said it was postponing plans to drill in the American Arctic until 2015 at the very earliest. The company is already drilling in Norwegian Arctic waters of the Barents Sea, where it does not freeze, is close to infrastructure and has more hospitable weather due to the Gulf Stream. The American Arctic is different. It is covered by ice most of the year and dominated by extreme cold, hurricane-strength storms, pervasive fog, and long periods of darkness. These obstacles prompted Total SA, the fifth largest oil and gas company in the world, to declare it wouldn’t seek to drill in the Arctic because an accident there would be a “disaster.” German bank WestLB also announced that it would refuse financing to any offshore oil and gas drilling in the region because “the risks and cost are simply too high.”

Full article: http://www.theoildrum.com/node/9920

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