Majors rethink exploration plans

摘要

The majors are rethinking frontier exploration plans, as the lower price environment has prompted spending cuts and a growing focus on less risky exploration near existing fields. Shell is abandoning its contentious search for oil offshore Alaska, after a well on the Burger prospect in the Chukchi Sea failed to find enough resources to warrant further exploration in the region “for the foreseeable future”. Shell has spent over $7bn on the frontier area since 2007, including more than $2bn on acquiring the leases.