Arctic energy rush runs into a reality check
Mark 2012 as the year the Arctic rush for oil and gas was put on ice.
The harsh reality of finding – and the even more cumbersome process of extracting – petroleum from beneath a frozen ocean with little or no infrastructure nearby, coupled by the expensive price tag, have dented industry’s plans to exploit the polar region.
Beefed-up technology designed for Arctic work has crumbled during testing. Exploration programs have been cancelled. Other seismic testing missions have come up empty. And some companies even swore off ever drilling for oil in the Arctic…
One more thing:
Shell Arctic Rig Runs Aground Off Alaska
Drill, Baby, Drill–in American Arctic Waters
[well, not so much]
Mark Collins is a prolific Ottawa blogger
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