Re: Shell and the Arctic

podesta-emails 1,665 words email

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On Monday, September 28, 2015, Milia Fisher <[email protected]> wrote: > .@Shell's move to halt offshore oil exploration is great news for the > climate, the Arctic oceans & the fragile wildlife that calls them home > (140) > > I think it's probably not necessary to include a link in the tweet, > because the news is big, but here's the story: > > Royal Dutch Shell suspends Arctic drilling indefinitelyBy Juliet Eilperin > <http://www.washingtonpost.com/people/juliet-eilperin> and Steven Mufson > <http://www.washingtonpost.com/people/steven-mufson> September 28 at > 11:10 AM > <javascript:_e(%7B%7D,'cvml','[email protected];[email protected]?subject%5Cx3dReader+feedback+for+%5Cx27Royal+Dutch+Shell+suspends+Arctic+drilling+indefinitely%5Cx27');> > > > Demonstrators protest against Royal Dutch Shell near the Polar Pioneer oil > drilling rig on May 16, 2015, in Seattle. (David Ryder/Getty Images) > > Royal Dutch Shell announced early Monday morning it will suspend Arctic > drilling > <http://www.washingtonpost.com/business/economy/pondering-impact-of-drilling-off-remote-northwest-alaska/2011/07/21/gIQAvup6JJ_story.html> indefinitely, > after finding insufficient oil and gas in one of its exploratory wells to > justify costly development. > > The move puts the end — for now — on the contentious debate over whether > oil and gas exploration should take place in the environmentally sensitive > area off Alaska’s coast. President Obama has come under intense fire for > allowing drilling to proceed, and environmentalists cheered > Shell’s announcement. > > It also highlights the tremendous costs and risks of drilling in the > Arctic frontier, which is thought to have vast oil reserves but where > little exploration has taken place so far. > > In a statement at 1 a.m. Eastern time, Shell said that while it had > successfully drilled its Burger J exploration well in Alaska’s Chukchi Sea > this summer to a total depth of 6,800 feet, the indications of oil and gas > “are not sufficient to warrant further exploration in the Burger prospect.” > The well lies roughly 150 miles from Barrow, Alaska. > > “The Shell Alaska team has operated safely and exceptionally well in every > aspect of this year’s exploration program,” said Shell Oil Co.’s president > Marvin Odum. “Shell continues to see important exploration potential in > the basin, and the area is likely to ultimately be of strategic importance > to Alaska and the U.S. However, this is a clearly disappointing exploration > outcome for this part of the basin.” > > The firm said it would seal and abandon the well in accordance with U.S. > regulations and “will now cease further exploration activity in offshore > Alaska for the foreseeable future.” > > “This decision reflects both the Burger J well result, the high costs > associated with the project, and the challenging and unpredictable federal > regulatory environment in offshore Alaska,” the statement added. > > Interior Department spokeswoman Jessica Kershaw said Monday the department > “has focused on making sure that Shell’s exploration activities are > performed as safely as possible” and would continue to monitor its > activities as it scaled back its operations “to ensure that de-mobilization > activities are done safely and responsibly.” > > The company said it would take a large financial charge as a result of the > announcement. The balance sheet value of Shell’s Alaska position is > approximately $3.0 billion, with approximately a further $1.1 billion of > future contractual commitments for equipment the company expected to use in > 2016 and 2017, the company said. It will try to redeploy some of those > assets, but some write offs will be required. > > Shell has spent more than $7 billion on oil exploration in the Alaskan > Arctic, including more than $2 billion in what was a record Interior > Department lease sale in 2008 and $1.4 billion this year. But its efforts > to find a vast amount of oil have been mired in lawsuits and a regulatory > process complicated by a series of mishaps — such as hitting uncharted > shoals — that have damaged vessels required for the drilling program. The > BP oil spill in the Gulf of Mexico also resulted in a suspension of all > offshore drilling for a period and made regulators more sensitive to spill > risks. > > Lois Epstein, a licensed engineer and Arctic program director for the > Wilderness Society, said the project made no sense given the area’s > wildlife, lack of an oil spill response infrastructure and the threat > fossil fuel burning poses to the climate. > > “Shell’s announcement is a very good news for the marine environment, > sensitive coastal lands and the Arctic communities that would be devastated > by a major oil spill,” Epstein said in a statement. “Hopefully, this means > that we are done with oil companies gambling with the Arctic Ocean, and we > can celebrate the news that the Arctic Ocean will be safe for the > foreseeable future.” > > For the oil industry, however, the well results were bad news. > > “That was a huge disappointment not only for Shell but also for the > industry,” said Fadel Gheit, an oil analyst for Oppenheimer & Co. “This has > been a saga. Bad timing, bad planning, bad circumstances. It was not meant > to be. Everything that could go wrong went wrong.” > > He said that though the company only completed one well, he said that it > was the best prospect Shell had. “If you wanted to make a bet on one horse, > this was the horse in for the money,” he said. “This was the best > candidate.” In the 1990s, five wells were drilled in the area and > abandoned after yielding natural gas, but by early 2008 oil prices had > soared and Shell had taken another look at the seismic data. > > The announcement that Shell would halt drilling came less than a month > after President Obama’s historic trip to the Alaskan Arctic to highlight > climate change and Arctic policy. Environmental activists had both > celebrated the trip and yet also suggested a contradiction between the > president’s climate concern on the one hand, and his administration’s > allowing Shell’s drilling plans to go forward. > > “As President Obama saw first-hand, there are many challenges in the > Arctic region, and we can use this opportunity to address changing climate > and the need to protect and conserve important ocean resources,” said Susan > Murray, a deputy vice president at Oceana, in a statement. > “Shell’s announcement today allows the government to take a step back to > apply careful planning, precaution, and science to forge a sustainable > future for the Arctic.” > > “Today’s announcement from Shell that it will not drill for oil in the > Arctic Ocean for the foreseeable future underscores the reality that > drilling in this harsh and sensitive Alaskan environment is not worth the > risk,” Sen. Edward J. Markey (D-Mass.) said in a statement Monday. > > But Rex A. Rock, Sr., president of the Arctic Slope Regional Corporation > (ASRC), a consortium of Alaska Native companies that recently invested in > Shell’s oil prospects, said in a statement that he was “deeply > disappointed” with the news from Shell. The leaders of ASRC said they had > invested in Shell’s venture because of concerns that climate change would > make it more difficult to sustain their traditional whaling and fishing > based economy. > > “We are looking for solutions on how we continue to sustain our local > economies to support our communities,” Rock said. “Absent any responsible > resource development onshore and offshore, we are facing a fiscal crisis > beyond measure.” > > > On Mon, Sep 28, 2015 at 12:40 PM, John Podesta <[email protected] > <javascript:_e(%7B%7D,'cvml','[email protected]');>> wrote: > >> I missed the Shell news, but worth finding and tweeting >> ---------- Forwarded message ---------- >> From: "David Hayes" <[email protected] >> <javascript:_e(%7B%7D,'cvml','[email protected]');>> >> Date: Sep 28, 2015 11:10 AM >> Subject: Shell and the Arctic >> To: "Peter Ogden" <[email protected] >> <javascript:_e(%7B%7D,'cvml','[email protected]');>>, "Trevor Houser" < >> [email protected] >> <javascript:_e(%7B%7D,'cvml','[email protected]');>>, "Ben Kobren" < >> [email protected] <javascript:_e(%7B%7D,'cvml','[email protected]');>>, >> "Jake Sullivan" <[email protected] >> <javascript:_e(%7B%7D,'cvml','[email protected]');>>, "John >> Podesta" <[email protected] >> <javascript:_e(%7B%7D,'cvml','[email protected]');>> >> Cc: >> >> Shell's dry hole in the Chukchi obviously is huge and welcome news. >> >> Perhaps the best part of this is that the Bush-era leases in the Chukchi >> and Beaufort Seas that were purchased for $2+ billion in 2006 are now >> likely to expire before any new finds are confirmed. As a result, a future >> Administration should avoid the need to spend billions to buy out >> leasholders' interests in order to prevent future Arctic offshore drilling. >> >> (You may recall that in the Clinton Administration, there was a buy-out >> of existing leases in Bristol Bay; that was the only way to ensure that >> those leases would not be developed.) >> >> >> >> -- >> >> *David J. Hayes* >> >> *Stanford Law School* >> Distinguished Visiting Lecturer in Law >> >> Crown Quadrangle >> >> 559 Nathan Abbott Way >> >> Stanford, CA 94305-8610 >> >> *[email protected] >> <javascript:_e(%7B%7D,'cvml','[email protected]');>* >> >> twitter: @djhayes01 >> >> office: 650-723-7778 >> >> cell: 202-258-3909 >> >> personal email: [email protected] >> <javascript:_e(%7B%7D,'cvml','[email protected]');> >> > > > > -- > Milia Fisher > Special Assistant to the Chair > Hillary for America > [email protected] > <javascript:_e(%7B%7D,'cvml','[email protected]');> > c: 858.395.1741 >