ABC News: U.S.: Shell Still Optimistic on Arctic Offshore Drilling

ABC News: U.S. // via fulltextrssfeed.com

Shell Still Optimistic on Arctic Offshore Drilling Sep 30th 2012, 15:53 The stars lined up â€" almost â€" for Shell Oil to drill exploratory wells this year in waters off Alaska's north coast. The Arctic Ocean was on record pace for low sea ice. The Obama administration gave a qualified green light to drilling. Two drill ships and a flotilla of support vessels were staged off prospects. But as the open water season wound down, Shell announced last week it would limit drilling to time-consuming preparation for an offshore well. The final straw for the decision: damage during testing Sept. 15 to an undersea containment dome, a key to the company's spill response system. Environmentalists cheered the setback. Shell Oil President Marvin Odum says he considers it a temporary impediment in the long-term quest to open a petroleum frontier.

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