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Big Oil abandons US$2.5b in US Arctic drilling rights

Decision came just before May 1 due date to pay govt millions in rent to keep holdings in Chukchi Sea

Washington

AFTER plonking down more than US$2.5 billion for drilling rights in US Arctic waters, Royal Dutch Shell, ConocoPhillips and other companies have quietly relinquished claims that they once hoped would net the next big oil discovery.

The pullout comes as crude oil prices