Big Oil Abandons $2.5 Billion in U.S. Arctic Drilling Rights

  • Drillers forfeit millions of acres amid slump in oil prices
  • Royal Dutch Shell still holding on to one lease in Chukchi Sea

Why Big Oil Is Giving Up on the Arctic

After plunking down more than $2.5 billion for drilling rights in U.S. Arctic waters, Royal Dutch Shell Plc, ConocoPhillips and other companies have quietly relinquished claims they once hoped would net the next big oil discovery.

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