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U.S. NEWSTuesday 29 September 2015
Shell move dims oil prospects, delights environmentalists
The Royal Dutch Shell PLC icebreaker Fennica heads up the Willamette River under protesters source of oil big enough to untapped reservoir that
hanging from the St. Johns Bridge on its way to Alaska in Portland, Ore. (AP Photo/Don Ryan) keep the country among could add to America’s
the top three oil produc- energy supply for 50 years.
D. JOLING the foreseeable future” finding a big new source of ers in the world along with As recently as March, an
oil revenue and establish- Saudi Arabia and Russia. Energy Department ad-
J. FAHEY because it failed to find ing expertise and a pres- But Shell drilled to 6,800 visory council called for
ence in the Arctic, which feet about 80 miles off- an immediate expansion
Associated Press enough oil to make further geologists estimate holds shore in the Chukchi Sea of oil exploration in the
a quarter of the world’s un- off Alaska’s northwest American Arctic to avoid
ANCHORAGE, Alaska drilling worthwhile. discovered conventional coast and just didn’t find an increased reliance on
oil and gas. much. imported oil in the future,
(AP) — Royal Dutch Shell The company has spent The drilling project also “Shell continues to see im- in part because it would
held the hopes of Alaska, portant exploration poten- take more than a decade
has abandoned its long more than $7 billion on the which has seen oil produc- tial in the basin, and the for oil in the Arctic to be
tion and revenues decline area is likely to ultimately discovered, developed
quest to become the first effort, slogged through a sharply in recent years, be of strategic importance and brought to market.
and the U.S. oil industry, to Alaska and the U.S.,” Charles Ebinger, senior fel-
company to produce oil regulatory gauntlet and which looked to Alaska’s Marvin Odum, director of low for the Brookings Insti-
offshore Arctic as the next Shell’s operations in the tution Energy Security and
in Alaska’s Arctic waters, fought environmental Americas, said in a state- Climate Initiative, said in
ment issued late Sunday. an interview that a suc-
darkening the nation’s groups that feared a spill “However, this is a clearly cessful well by Shell would
disappointing exploration have been “a terribly big
long-term oil prospects in the harsh climate would outcome for this part of deal” because it would
the basin.” have attracted others to
and delighting environ- be difficult to clean up Known in the industry as the region.
turning up a “dry hole,” it’s Though countries are push-
mental groups that tried to and devastating to polar common for exploratory ing for cleaner energy
drilling to find little to no sources, analysts predict
block the project. bears, walruses, seals and oil, especially in forma- that the world will need
tions that have not been another 10 million barrels
After years of effort, Shell other wildlife. explored much in the past. a day between 2030 and
But Shell’s failure is notable 2040 to meet growing de-
is leaving the region “for Shell persisted in hopes of because it was the only mand, especially in devel-
active drilling project in the oping countries, Ebinger
sea, which Shell officials said. The world now con-
had called “a potential sumes 93.6 million barrels
game-changer,” a vast of oil every day.q
Qatar sovereign fund plans $35 billion in US investments
ADAM SCHRECK but energy-rich Gulf Arab ships as we continue to ex- banks Barclays and Credit tar Airways, meanwhile,
Associated Press nation. pand geographically, di- Suisse, and a chunk of the has been rapidly expand-
WASHINGTON/DUBAI, The new office will give versify our assets and seek company that runs Lon- ing the number of routes it
UAE(AP) — Qatar’s gov- the fund better access to long term growth.” don’s Heathrow Airport. flies to U.S. cities, provoking
ernment investment fund investment partners and The fund, founded in The fund is also a major a backlash from American
is making a big bet on the help it pursue its goal of 2005, and other Qatari investor in Volkswagen carriers.
U.S. economy. diversifying its portfolio, the government-linked inves- AG. That investment that Washington considers Qa-
The OPEC member’s Qa- QIA said. tors traditionally have in- has lost billions of dollars tar an important ally in the
tar Investment Authority “With boots on the ground, vested heavily in Europe, in value in recent days as Arab world. The country’s
said Monday it is opening our presence in New York snapping up headline- the German automaker’s vast al-Udeid air base out-
an office in New York and will anchor our interest in grabbing trophies such as share price plunged after side the capital, Doha,
is committed to investing the region,” Sheikh Abdulla stakes in prominent Lon- it admitted rigging diesel hosts American bombers,
$35 billion in the United bin Mohammed bin Saud don properties and the emissions to pass U.S. tests. support aircraft and the
States over the next five Al Thani, the fund’s chief Paris Saint-Germain soccer The QIA’s existing Ameri- forward headquarters for
years. The announcement executive, said in a state- team. can holdings include a U.S. Central Command.
represents a major vote ment. “It is the perfect lo- Well-known names in the more than 10-percent The Sovereign Wealth Fund
of confidence by the sov- cation to help strengthen QIA portfolio include Brit- stake in New York-based Institute estimates the QIA
ereign wealth fund in the our existing relationships ain’s iconic Harrods de- luxury jeweler Tiffany & Co. manages some $256 billion
U.S., a key ally of the small and promote new partner- partment store, stakes in Government-backed Qa- in investments.q
