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Only two oil and gas companies — California-based Chevron Corp. and Houston-based Shell Oil Co. — scored perfect scores out of a record-breaking 407 businesses that received top “100” scores. A few power, utility and chemical companies also received perfect scores. Many energy companies scored low or outright refused to participate.
A carbon tax or cap-and-trade system in the U.S. — and globally — would serve the energy industry better than the current slate of piecemeal state and federal regulations, Shell Oil Co. President Marvin Odum said Tuesday at a University of Houston energy symposium on “Carbon Tax: Is It the Right Time?”
The Interior Department announced it was canceling government auctions of drilling rights in the Chukchi and Beaufort seas, previously scheduled for 2016 and 2017 respectively. At the same time, it formally rejected bids by Statoil and Shell for more time to search for crude under their existing Arctic leases.
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.
Environmentalists say there is a clash between Shell’s exploratory oil drilling in the Chukchi Sea and Obama’s visit to survey shrinking glaciers and speak with coastal residents worried about rising seas.
The records, provided by the U.S. Coast Guard in response to a Freedom of Information Act request, also describe a botched fire drill by the crew of another Shell-contracted drilling rig months before it began boring an exploratory oil well in the Chukchi Sea.
Shell temporarily halted exploratory oil drilling in the Arctic Ocean as the weather worsened on Thursday.
A dozen Democrats insist oil companies aren’t telling shareholders the gritty reality of their crude pursuits, including the environmental and financial risks of drilling in the Arctic Ocean and other frontier areas.
Shell has already been drilling the well for more than two weeks. But BSEE had ordered the company to halt after completing the top 3,000 feet, because critical emergency equipment were not nearby to safeguard the work.