{"id":4625,"date":"2015-01-19T06:43:16","date_gmt":"2015-01-19T11:43:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4625"},"modified":"2015-01-19T06:43:16","modified_gmt":"2015-01-19T11:43:16","slug":"oil-industry-withdraws-from-high-cost-areas","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4625","title":{"rendered":"Oil Industry Withdraws From High Cost Areas"},"content":{"rendered":"<h3><a href=\"http:\/\/oilprice.com\/Energy\/Crude-Oil\/Oil-Industry-Withdraws-From-High-Cost-Areas.html\" target=\"_blank\">Oil Industry Withdraws From High Cost Areas<\/a><\/h3>\n<p>The oil industry is pulling back from some marginal areas of operation, slashing jobs and spending, and retrenching in the face of the ongoing slump in oil markets.<\/p>\n<p>Signs of a shrinking footprint are beginning to pop up across the globe. Norway\u2019s Statoil has let three of its exploration licenses\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/2015-01-13\/arctic-explorers-retreat-from-hostile-waters-with-oil-prices-low.html\">expire<\/a>\u00a0in Greenland, an acknowledgement that exploring in frontier lands no longer makes sense with oil at $50 per barrel. Not too long ago, Greenland was hyped as an unexplored and pristine new oil region. The excitement was enough to fuel a bit of an independence movement within Greenland to pull away from Denmark.<\/p>\n<div id=\"bannerzone5\">\n<div id=\"banner22\" class=\"banner\">However, drilling in Greenland would be highly technical, expensive, and would present geological and environmental risk. Statoil has decided to shelve its plans for now.<\/div>\n<\/div>\n<p>Statoil also put an\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/2015-01-14\/norway-s-arctic-oil-hub-dream-fades-as-lundin-no-help-to-statoil.html\">end to negotiations<\/a>\u00a0with Lundin Petroleum over building an oil terminal in Norway\u2019s far north. Building an Arctic terminal would aid the development of several offshore oil and gas fields in the Barents Sea, where the companies each have made several discoveries.<\/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>Oil Industry Withdraws From High Cost Areas The oil industry is pulling back from some marginal areas of operation, slashing jobs and spending, and retrenching in the face of the ongoing slump in oil markets. Signs of a shrinking footprint are beginning to pop up across the globe. Norway\u2019s Statoil has let three of its [&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":[1018,2196,1930,1241,588,1278,1775],"class_list":["post-4625","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-arctic","tag-greenland","tag-marginal-oil-production","tag-norway","tag-oil","tag-oil-industry","tag-oil-price-collapse"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4625","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=4625"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4625\/revisions"}],"predecessor-version":[{"id":4626,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4625\/revisions\/4626"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}