Shell ditches Arctic drilling in major setback

‘Royal Dutch Shell has abandoned its controversial offshore drillings off Alaska after finding little oil and gas.

The Anglo-Dutch company’s $7 billion of spending on exploration in the Arctic appears going down the drain, though the firm is keeping a stiff upper lip.

The company said it decided to pull out after considering the project’s high cost and the “unpredictable federal regulatory environment in offshore Alaska”.

The financial loss is estimated in the upwards of $4.1 billion, but Shell said it would give the value of writedowns with its third-quarter results.’

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