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Energy firms are abandoning the Arctic

Low oil prices and uncertainty over climate change policy is making an impact on energy companies in the Arctic, according to Helle Abelvik-Lawson at Greenpeace:

“Shell, Eni, ConocoPhillips and Iona Energy have surrendered a total of 350 oil drilling leases covering more than 2 million acres of the Arctic Ocean.  The only company remaining with significant leases is Repsol, which still holds 93 leases.”

Abandoning these leases means writing off around $2.5 billion – effectively bringing an end to Arctic drilling in these areas for the foreseeable future.

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