Arctic Oil & Gas News

Changes in Regulations Could Help Break the Offshore Ice, posted on The Moscow Times

State-controlled oil giant Rosneft had a very good year. That is what company chief executive Igor Sechin told Prime Minister Dmitry Medvedev on Friday at a meeting to review Russia’s largest oil producer, whose capitalization grew by 18 percent to $73 billion at the end of 2013. Sechin’s optimism was tangible as he painted a rosy picture of the country’s No. 1 cash cow for the coming years. Rosneft contributed 2.7 trillion rubles ($76.7 billion) to Russia’s budget last year, counting all taxes, duties and royalty fees. “And we hope to increase that number a little bit in 2014. It should be about 3.1 trillion according to our estimates,” Sechin said.  [Read More…]  

Melting Arctic ice brings hope to Russian city by John Vidal, posted on The Japan Times Arctic city hopes to cash in as melting ice opens new sea route to China by John Vidal, posted on The Guardian

The city of Nadym, in the extreme north of Siberia, is one of the Earth’s least hospitable places, shrouded in darkness for half of the year, with temperatures plunging below minus 30 Celsius and the nearby Kara Sea semipermanently frozen. But things are looking up for this Arctic conurbation halfway between Europe and China. Over the next 30 years climate change is likely to open up a major polar shipping route between the Pacific and Atlantic oceans, cutting travel time to and from Asia by 40 percent and allowing Russia’s vast oil and gas resources to be exported to China, Japan and south Asia much faster. [Read More…]  

The new cold war, posted on The Indian Express

New shipping rules are being worked out for the Arctic, where summer sea ice has shrunk by about two-thirds over three decades. Predictions by various models say the summer-time Arctic sea ice could disappear completely by 2050. The ‘Polar Code’, expected to boost traffic in the region, will have stringent rules on pollution. [Read More…]  

Shell announces plans not to drill in 2014, posted on Your Alaska Link

After a one year hiatus from the arctic oil and gas power house, Shell announces plans to not drill this year in arctic waters. 2012 marks the last time Shell drilled in the reserves off Alaska’s arctic shores. After the Kulluk drilling rig was grounded in December of 2012, the oil company took a one year break. The company announced Thursday that the break would continue through this next year.  [Read More…]  

Oil and gas consultations set for Canada’s eastern Arctic, posted on Alaska Dispatch

Federal officials will travel to 10 communities in Canada’s eastern Arctic territory of Nunavut beginning Sunday to talk about an assessment for potential oil and gas exploration in the eastern Arctic. Aboriginal Affairs and Northern Development Canada is holding the public consultations, and is asking residents to attend the meetings.  [Read More…]  

Shell Cancels Chukchi Sea Drilling by Peter Wilson, posted on American Thinker

President Obama boasted in his State of the Union address that “over the last three years, we’ve opened millions of new acres for oil and gas exploration.” To give the impression of immediate action, he proclaimed: “Tonight, I’m directing my administration to open more than 75 percent of our potential offshore oil and gas resources. (Applause.)” Back in the real world, Oil & Gas Journal reports that Shell has canceled 2014 drilling in the Chukchi Sea, west of Prudhoe Bay, Alaska, following a decision by the 9th Circuit Court on Jan. 22. [Read More…]  

Oil and gas company Shell to stop drilling in Alaska in 2014, citing ‘disappointing’ court ruling, by Toby Sterling posted on KJRH 2 NBC News

Shell, Europe’s largest oil company, will stop drilling for oil in Alaska this year as it cuts back on investments and tries to reverse a steep drop in earnings. Incoming CEO Ben van Beurden said Royal Dutch Shell PLC will cut capital spending by around $10 billion this year and sell assets to become more efficient. He said Shell won’t drill for oil off Alaska’s coast in 2014 following a court ruling that put “significant obstacles” in the way of exploiting resources in the Arctic. [Read More…]  

Oliver wraps nuclear and oil disaster liability increases into single bill by James Munson, posted on iPolitics

Natural Resources Minister Joe Oliver has bundled together a number of past promises on energy sector disaster liability into a single bill, introduced in the House of Commons today. The Energy Safety and Security Act will make it more expensive for offshore oil and gas companies to operate off the Atlantic and Arctic coasts by raising their financial liability in case of a spill, as well as increase the money they must have on hand for disaster response at any given time. [Read More…]

Shell scraps 2014 exploration, cites 9th Circuit’s lease decision by Phil Taylor, posted on E&E Publishing

Royal Dutch Shell PLC announced today it will not drill for oil this summer in the Arctic, citing a federal appeals court decision this month that cast doubt over its leases. It was another stunning setback for the Anglo-Dutch company that has spent roughly $6 billion over the past eight years hoping to become the first company in decades to tap the U.S. Arctic’s estimated 27 billion barrels of oil. [Read More…]

Foss is Upbeat on the Arctic by Susan Buchanan, posted on MarineLink.Com

To support growing Arctic business, Seattle-based Foss Maritime Company is building three ocean-going tugs at its Rainier Shipyard in Oregon on the Columbia River. These 132 feet-long, Ice Class vessels will have strengthened hulls designed to withstand the harsh, Arctic climate conditions into which they will eventually be deployed. Work on the tugs began in July, and the first in the series will be delivered in December 2014.  [Read More…]

Shell Suspends U.S. Arctic Project, posted on The Wall Street Journal

Shell said it would suspend drilling in the U.S. Arctic, as it reported a 71% decline in fourth-quarter profit largely because of rising costs and lower oil and gas volumes. [Read More…]  

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