• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Arctic

Obama administration approves Shell’s Arctic drilling plan

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
May 11, 2015, 3:57 PM ET
(c) Sue Flood
Add Fortune on Google for similar content.

Royal Dutch Shell’s return to oil drilling in the U.S. Arctic for the first time since 2012 took a big step forward on Monday when the Obama administration approved the company’s exploration plan.

The Department of Interior conditionally approved Shell’s plan to explore for oil in the Chukchi Sea off Alaska. Shell (RDSA) has already spent about $6 billion on exploration in the Arctic.

The Arctic is estimated to contain about 20% of the world’s undiscovered oil and natural gas, but its recovery could be decades away.

Shell proposes to drill up to six wells in water about 140 feet (40 meters) deep, using two vessels that can serve as relief-wells for each other in case of an emergency.

“We have taken a thoughtful approach to carefully considering potential exploration in the Chukchi Sea,” said Abigail Ross Harper, the director of the Bureau of Ocean Energy Management, in a release.

As part of the conditional approval, Shell must obtain permits from the federal government and the state of Alaska in order to begin drilling this summer. Shell has not drilled in the Arctic since a mishap-filled 2012 season, when the company was forced to evacuate its Kulluk drill rig, which eventually ran aground.

One of the vessels that Shell plans to use this summer, the Noble Discoverer, also had problems in the harsh Arctic waters in 2012. At one point it had to be towed to port after experiencing vibrations in a propeller shaft.
[fortune-brightcove videoid=4226096960001]

Several environmental groups are concerned about drilling in a harsh, pristine region with little capacity for emergency response. “Our government has rushed to approve risky and ill-conceived exploration in one of the most remote and important places on Earth,” said Susan Murray, an official at Oceana, a leading voice against Arctic drilling.

Even if Shell gets all the permits it needs, its Arctic aspirations may face a hurdle further south. Last week, the city of Seattle ruled that its port must apply for a permit to allow Shell to make it a hub for drilling rigs headed to the Arctic.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

lbh
North Americanative americans
‘Today I am celebrating the victory of our people’: Native Americans ring in the anniversary of the Battle of Little Bighorn
By Matthew Brown, Jack Dura and The Associated PressJune 25, 2026
5 hours ago
gas
LawAntitrust
Gas station owners have found a use case for AI, lawsuit says: colluding to fix prices
By R.J. Rico and The Associated PressJune 25, 2026
5 hours ago
g
AIunemployment
One of the Democratic Party’s brightest stars is co-founding a group to help with the coming AI jobs earthquake
By Josh Boak and The Associated PressJune 25, 2026
5 hours ago
apes
HealthAnimals
Scientists tickled monkeys to find if they have the same giggles as humans — and they do
By Adithi Ramakrishnan and The Associated PressJune 25, 2026
5 hours ago
t
Real EstateHousing
Congress just passed the most significant housing bill in decades, so why won’t Trump sign it?
By Alex Veiga and The Associated PressJune 25, 2026
5 hours ago
merlin
North AmericaWorld Cup
Merlin the Duck was allowed inside Mexico City’s Azteca Stadium, but only to film a commercial
By Nayara Batschke and The Associated PressJune 25, 2026
5 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
20 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
2 days ago
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Success
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
By Orianna Rosa RoyleJune 25, 2026
20 hours ago
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
3 days ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
By Nick LichtenbergJune 24, 2026
2 days ago
Current price of silver as of Thursday, June 25, 2026
Personal Finance
Current price of silver as of Thursday, June 25, 2026
By Joseph HostetlerJune 25, 2026
15 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.