Shell halts Arctic Drilling
Royal Dutch Shell has been forced to delay drilling for oil on the coast of Alaska till 2013.
This was due to the failure of a key piece of safety equipment which is supposed to tackle any spills. The contraption called ‘Arctic Containment System’ (which clears up spills) failed.
The company Shares fell 9p to 2318p.
The company said in a statement: ‘We will forgo drilling into hydrocarbon zones this year. We will not conduct any operation until we are satisfied that we are fully prepared to do it safely.’
Shell, has so far spent around £2.8bn on the programme.