ANCHORAGE, Alaska (AP) — The latest on Royal Dutch Shell ending exploratory oil drilling in the Arctic Ocean (all times local):
10:25 a.m.
The president of the Alaska Native regional corporation for Iñupiat living on the Arctic Slope said the news that Royal Dutch Shell is ceasing exploratory drilling in the Arctic is a major blow for Alaska.
Rex A. Rock Sr. with the Arctic Slope Regional Corp. says the timing is bad as Alaska is facing a “financial crisis” because of low oil prices and dwindling production from Prudhoe Bay.
Rock says it also hits close to home to for communities dependent upon oil production.
Without resource development both on- and off-shore, he says they are facing “a fiscal crisis beyond measure.”
Shell also cited “the challenging and unpredictable federal regulatory environment” in deciding to end drilling in the Alaska Arctic for the foreseeable future.
Rock says that regulatory environment has proven to be a burden to development. He adds it will lead to more good opportunities slipping away because “no one wants to do business in Alaska.”
___
9:58 a.m.
Alaska Gov. Bill Walker says Royal Dutch Shell’s decision to stop exploratory drilling in the Arctic shows the state needs to drive its own destiny through oil and gas development.
Shell said Monday that it was ending operations in the Chukchi Sea off Alaska after a test well gave disappointing results. The company has spent $7 billion on its Alaska drilling program.
Walker says he’s contacted the White House to set up meetings about the impact of Shell’s decision on the state. The governor also says he will stress the importance of the federal government allowing oil and gas drilling along the coastal plain of the Arctic National Wildlife Refuge.
Alaska’s budget relies heavily on oil revenue, but production from the once-prodigious North Slope now barely fills a quarter of the trans-Alaska pipeline.
Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.