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Shell drops plans to drill in the Arctic for now

2014-01-30 14:06:00| Climate Ark Climate Change & Global Warming Newsfeed

Mongabay: Facing plunging profits, Royal Dutch Shell has announced it will cut exploration and development funding by nearly $10 billion this year, including halting their long-suffering plans to drill in the Arctic ocean. Shell's new CEO, Ben van Beurden, made the announcement yesterday that controversial plans to drill off the Alaskan coast will be put on hold for another year. The announcement comes just days after Shell suffered a legal setback in its efforts to drill in the Arctic Ocean, which has cost...

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