Chevron puts on ice plans to drill in Arctic
It cites economic uncertainty in the industry as oil prices fall
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Calgary, Alberta
CHEVRON Corp is putting a plan to drill for oil in the Beaufort Sea in Canada's Arctic on hold indefinitely because of what it called "economic uncertainty in the industry" as oil prices fall. In a letter to Canada's National Energy Board on Wednesday, the company withdrew from a hearing on Arctic drilling rules because it has walked away from plans to drill in the EL 481 block, 250 km north-west of Tuktoyaktuk, Northwest Territories.
The drilling project is the largest yet put on hold after oil prices dropped by nearly half over the last six months, even as a long list of oil companies cut their budgets for 2015 because of the price drop. "Chevron has put its drilling plans for EL 481 on hold indefinitely," the company said in its letter to the regulator, which was confirmed by a spokesman.
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