Royal Dutch Shell PLC says it's ceasing exploration in offshore Alaska for the foreseeable future. The company says an exploratory well drilled to 6,800 feet found oil and gas but not in sufficient quantities.
Shell USA President Marvin Odum says in an announcement early Monday in The Netherlands that it's a disappointing outcome for that part of the Chukchi Sea basin. Shell has spent about $7 billion on Arctic offshore development on the hope that there would be deposits worth pursuing.
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