Shell Offshore Company has requested a five year extension of its federal offshore leases just after spending more than $6 billion on its Arctic venture drill for oil in the Chukchi and Beaufort Seas.
The U.S. Bureau of Safety and Environmental Enforcement has confirmed the request and said they are considering it, saying that each request is taken on a case by case basis.
Shell told the Bureau that it has diligently carried out its obligations however delays and uncertainties due to to court challenges and federal agency action have impacted Shell’s ability to conduct a sustainable strategy.
The company has asked the leases be suspended for five years so that near future investments will not be lost due to lease expirations.
