Economy/Business News Alert

AP: Shell will suspend drilling in Arctic Ocean for 2013

Royal Dutch Shell announced Wednesday it will suspend drilling for petroleum in the Arctic Ocean in 2013.

Shell Oil President Marvin Odum announced that the company will "pause" its exploration drilling in the Chukchi and Beaufort seas.

In 2012, Shell drilled top holes on two wells in the Beaufort and Chukchi, but drilling was hampered by problems. Shell has experienced setbacks this winter with both its drill ship, the Noble Discoverer, and the drilling barge Kulluk.

After summer exploration in the Beaufort Sea, the Kulluk ran aground on New Year's Eve near Kodiak Island as it was being towed to Seattle for maintenance and broke free in a storm. It was refloated and taken to a sheltered harbor for further inspection. It's currently being towed to Dutch Harbor, where it will be prepared for a dry tow transport to Asia.

The Noble Discoverer operated in the Chukchi Sea. But the Coast Guard found 16 violations after the drilling season when the Noble Discoverer was in dock in Seward, Alaska. The Coast Guard said last week that it's turned its investigation of this ship over to the U.S. Department of Justice.

Read more at:
http://www.washingtonpost.com/business/shell-says-it-will-pause-drilling-in-arctic-ocean-for-2013/2013/02/27/a57eff62-810f-11e2-a671-0307392de8de_story.html

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