30 Dec '14, 5pm

Good News for the Arctic: Chevron Scraps Plans for Offshore Oil Exploration

Good News for the Arctic: Chevron Scraps Plans for Offshore Oil Exploration

Good News for the Arctic: Chevron Scraps Plans for Offshore Oil Exploration Posted Tue, Dec 30, 2014 by Brianna Elliott to arctic drilling , beaufort sea , Chevron Arctic drilling , shell , Shell arctic drilling A polar bear in the Arctic. (Photo: Outward_bound / Oceana ) Earlier this month, Chevron announced it was withdrawing plans for offshore oil exploration in the Canadian Arctic’s Beaufort Sea in a letter to Canada's National Energy Board. The oil corporation cited "economic uncertainty in the industry,” as a reason for their decision, according to Reuters. “Chevron’s decision is further evidence that risky, expensive projects in the Arctic Ocean are becoming less and less palatable,” says Oceana Pacific senior council member Mike LeVine. “Though production might not occur in the U.S. or Canadian Arctic Ocean for decades, shorter-term volatility in the price of oil c...

Full article: http://oceana.org/en/blog/2014/12/good-news-for-the-arcti...

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