31 May '13, 1pm

Drumbeat: May 31, 2013

Posted by Leanan on May 31, 2013 - 10:07am Oil executives tune out the call of the wild Arctic NY-AALESUND, Norway (Reuters) - The high Arctic, once the irresistible frontier for oil and gas exploration, is quickly losing its appeal as energy firms grow fearful of the financial and public relations risk of working in the pristine icy wilderness. The Arctic may hold 13 percent of the world's undiscovered oil and 30 percent of its gas, but a series of blunders and failures there are making executives fight shy of such a sensitive area and turn their attention back to more conventional resources and the shale revolution. The turning point likely came on New Year's eve, when Royal Dutch Shell's drillship ran aground in rough waters off Alaska, setting off a public relations storm that inflicted much pain on the firm, made more acute by how little it had to show for the $4.5 bi...

Full article: http://www.theoildrum.com/node/10006

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