Shell Halts Alaska Oil Drilling After Disappointing Well Result

September 28, 2015 5:29 AM

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Shell Halts Alaska Oil Drilling After Disappointing Well Result

Royal Dutch Shell Plc will stop further oil and gas exploration offshore Alaska, citing high costs and “challenging” regulation for drilling in the region.

Shell forecast it will take related financial charges, according to a company statement on Monday. The balance sheet carrying value of its Alaska position is about $3 billion, with additional future contractual commitments of about $1.1 billion, The Hague, Netherlands-based energy explorer said.

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