The Dumb Luck Behind Shell’s Misfortune

Shell says it will abandon oil exploration in Alaska Arctic

Huge. The protests against Shell helped to disrupt their drilling schedule, and prolong the regulatory process. Shall claims they lost $7 billion on the project.

Keep in mind, a bit of this was dumb luck. Had Shell struck oil, then all would be for nothing. Had Shell struck significant oil (economically viable, as they call it), then they would continue drilling and exploration in the Arctic. The US Department of Interior¬†reported 75% chance of spillage. Let’s consider this a near miss.