LONDON — Royal Dutch Shell said Monday that it would stop exploration off the coast of Alaska “for the foreseeable future.”
The decision came after the Burger J well, which the company drilled this summer, produced disappointing results. The company said the well had “found indications of oil and gas, but these are not sufficient to warrant further exploration” of the Burger prospect, a geological structure.
The environmental protests continued this year when the Obama administration gave the green light for the company to resume its efforts. Investors and industry executives questioned the wisdom of Shell’s spending heavily and putting its reputation at risk — especially with oil prices having fallen over the past two years from $110 per barrel to below $50 per barrel.
Continue reading: Shell Abandons Disappointing Offshore Alaskan Well