{"id":4517,"date":"2015-01-14T07:20:40","date_gmt":"2015-01-14T12:20:40","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4517"},"modified":"2015-01-14T07:20:40","modified_gmt":"2015-01-14T12:20:40","slug":"arctic-explorers-retreat-from-hostile-waters-with-oil-prices-low","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4517","title":{"rendered":"Arctic Explorers Retreat From Hostile Waters With Oil Prices Low"},"content":{"rendered":"<h3><a href=\"http:\/\/www.bloomberg.com\/news\/2015-01-13\/arctic-explorers-retreat-from-hostile-waters-with-oil-prices-low.html\" target=\"_blank\"><span class=\"Apple-style-span\">Arctic Explorers Retreat From Hostile Waters With Oil Prices Low<\/span><\/a><\/h3>\n<p>When\u00a0<a class=\"web_ticker\" title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/quote\/STL:NO\">Statoil ASA (STL)<\/a>\u00a0acquired the last of three licenses off\u00a0<a href=\"http:\/\/topics.bloomberg.com\/greenland\/\">Greenland<\/a>\u2019s west coast in January 2012, oil at more than $110 a barrel made exploring the iceberg-ridden waters an attractive proposition.<\/p>\n<p>Less than two years later, the price of oil had been cut by almost half and Norway\u2019s Statoil, the world\u2019s most active offshore Arctic explorer in 2014, relinquished its interest in all three licenses in December without drilling a single well, Knut Rostad, a spokesman for the state-controlled company, said by e-mail.<\/p>\n<p>Statoil\u2019s decision shows how the plunge in oil, with Brent crude trading at about $45 a barrel, has dealt another blow to companies and governments hoping to tap the largely unexplored Arctic. That threatens to demote the importance of a region already challenged by high costs, environmental concerns, technological obstacles and, in the case of\u00a0<a href=\"http:\/\/topics.bloomberg.com\/russia\/\">Russia<\/a>, international sanctions.<\/p>\n<p>\u201cAt $50, it just doesn\u2019t make sense,\u201d James Henderson, a senior research fellow at the Oxford Institute for Energy Studies, said in a Jan. 12 phone interview. \u201cArctic exploration has almost certainly been significantly undermined for the rest of this decade.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Arctic Explorers Retreat From Hostile Waters With Oil Prices Low When\u00a0Statoil ASA (STL)\u00a0acquired the last of three licenses off\u00a0Greenland\u2019s west coast in January 2012, oil at more than $110 a barrel made exploring the iceberg-ridden waters an attractive proposition. Less than two years later, the price of oil had been cut by almost half and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[2667,2196,2668,1775,694,2515],"class_list":["post-4517","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-arctic-oil","tag-greenland","tag-oil-exploration","tag-oil-price-collapse","tag-russia","tag-statoil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4517"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4517\/revisions"}],"predecessor-version":[{"id":4518,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4517\/revisions\/4518"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}