May 2016, Vol. 243, No. 5

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Shell Relinquishes Offshore Leases in Alaska's Chukchi Sea

ANCHORAGE, Alaska (AP) — The only company to drill an exploratory oil well in Alaska’s Chukchi Sea following a 2008 federal lease sale confirmed Tuesday it has relinquished nearly all of its leases. Royal Dutch Shell PLC formally relinquished all but one of its leases in the waters off Alaska’s northwest coast, spokesman Curtis Smith said Tuesday. The news was not a complete surprise. An exploratory well drilled in 2015 did not find commercial quantities of oil. Shell announced in September it was suspending exploration in Alaska waters. The decision also reflects the high cost of drilling off Alaska, Smith said by email. “While we support regulations that enforce high

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