Oil major Shell has reportedly given up on all but one of its offshore leases in the Chukchi Sea, less than a year after it ditched Arctic drilling plans.
The company said the move had been taken after “extensive consideration and evaluation” of all but one if its federal offshore leases in the region.
A spokesman said the action was “consistent” with its earlier decision not to explore offshore Alaska for the “foreseeable future”.
In 2008, Shell had spent more than $2billion in a federal lease sale for the assets.
Last year Shell drilled a well which it said had disappointing results with the company deciding in September to shelve the program.
The Chukchi Sea leases were scheduled to expire in 2020.
Recommended for you
