31 Aug '15, 2am

Shell swims against oil price tide

Shell swims against oil price tide

It’s a gamble – some would say a giant gamble. Before even one litre of oil has been found, the Anglo-Dutch Shell group is believed to have spent more than US$7 billion – just making preparations for its latest Arctic venture. Shell is betting on finding the oil industry’s Holy Grail : according to 2008 estimates by the US Geological Survey , the Arctic contains more than 20 per cent of the world’s remaining hydrocarbon resources – including at least 90 billion barrels of oil. If Shell does strike oil in big quantities maybe its gamble will pay off – and its anxious shareholders can look forward to handsome payouts. But the whole venture is a high-risk business. The decision by the US administration to allow Shell to start drilling in the Chukchi Sea , off the coast of Alaska, is highly controversial. Environmentalists and scientists say any further exploitation of fossil ...

Full article: http://www.eco-business.com/news/shell-swims-against-oil-...

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