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'Another Arctic Victory' as Norwegian Oil Giant Abandons Offshore Leases


'Another Arctic Victory' as Norwegian Oil Giant Abandons Offshore Leases

Lauren McCauley, staff writer

Norweigan oil company Statoil on Tuesday announced that, following in the footsteps of Royal Dutch Shell, it too would end its Arctic oil exploration program.

Although their terms do not expire until 2020, the oil giant is abandoning 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips, all in Alaska's Chukchi Sea. No wells were ever drilled.


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" ' ....but given the current outlook we could not support continued efforts to mature these opportunities,' "

IOW - it ain't profitable right now, but if oil prices go up, we'll be back!


I think we need to be clear - as long as the market makes it sufficiently profitable, they will pursue it, and their sponsored politicians will sanction the activity, protests or no - the only way to stop it is to outlaw it and the only way to do that is to put folks in office who will on principle not political opportunism - at least that's the way i see it - protests without corresponding politics are, IMO, like a one legged man - he can hop around, but not too fast and not too far ..