Oil has rebounded this week with the U.S. benchmark going past $50 for the first time since July as output from the world’s biggest consumer drops and Shell and Pacific Investment Management Co. said the worst may be over.
Shell is far from alone in making a big bet on an offshore play only to end up with disappointing results. From the Gulf of Mexico to the shores of Angola, offshore exploration has yielded plenty of dry holes.
“If the U.S. stands in the background, Russia will move forward, and things won’t be as good as they could be if the U.S. had a seat at the table in the Arctic,” said Jed Hamilton, senior Arctic consultant at Exxon Mobil Upstream Research Company.
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