Statoil and Shell Both Pull Out of Alaska

On November 17, Statoil announced that they are pulling out of the Chukchi Sea just weeks after Royal Dutch Shell Oil halted operations in Alaska. Both companies cited the low price of oil and the difficulties and high cost of operations in the harsh climate and the treacherous waters of Chukchi Sea. Shell had spent over $9.5 billion on exploration. Conoco Phillips had put their plans for Chukchi on hold earlier in the fall, and recently announced plans to “exit all deepwater exploration by 2017.”