Today, the Obama administration cancelled planned lease sales in the offshore Arctic.  Apparently (and thankfully) offshore drilling above the Arctic Circle is dead for the foreseeable future.

 

 

Statoil may halt plans to drill in the Chukchi Sea off of northwest Alaska citing the risks and costs.  In an interview at CERAWeek yesterday, EVP Tim Dodson said,

“Ultimately, you need more of a collaborative effort,” Dodson said in an interview. “I think we all agree that generically, this is not really the place to go it alone. This is the place where you need to be learning from each other (and) where you need to be sharing both experiences and sharing facilities and common costs.”

Statoil has decided to watch what happens with the Shell Arctic wells before they make a final decision about letting their leases go.

Fuel Fix » Statoil may abandon US Arctic drilling leases.