Oil firm Shell gets 'conditional' approval for Arctic oil exploration
May 12 , 2015
Oil giant Royal Dutch Shell has got conditional approval from the US government to explore oil in the Arctic, a move environmentalists are opposed to.
Shell has to get the nod from other regulators to get the final green signal for digging.
The oil company has already spent around $6 billion on Arctic exploration. According to estimates, the region has one-fifth of the world’s yet-to-be-discovered oil and gas.
The US Bureau of Ocean Energy Management said that it had taken a “thoughtful approach” in considering “potential exploration in the Chukchi Sea.”