Royal Dutch Shell announced Monday that it is stopping its oil exploration in the Alaskan Arctic, which garnered the applause of several environmental groups. The company made that decision after it did not find enough oil and gas in the area.
The company said it was ending its oil exploration in offshore Alaska for the "foreseeable future" because of the costs associated with the effort and the "challenging and unpredictable federal regulatory environment" in the area.
"Shell continues to see important exploration potential in the basin, and the area is likely to ultimately be of strategic importance to Alaska and the U.S.," Shell USA President Marvin Odum said in the announcement. "However, this is a clearly disappointing exploration outcome for this part of the basin."
World Wildlife Fund's Margaret Williams said it was "incredible" news that Shell plans to stop its oil exploration in Alaska's offshore Arctic.
"All along, the conservation community has been pointing to the challenging and unpredictable environmental conditions. We always thought the risk was tremendously great," Williams said, reported USA Today.