Gazpromis to shelve one of the energy industry’s most ambitious ventures – a project to develop the vast Shtokman gasfield in Russia’s Barents Sea – because of surging costs.
The decision underscores the challenges faced by energy companies trying to tap oil and gas reserves in the remote, icy waters of the Arctic. The area is thought to contain as much as 25 per cent of the world’s undiscovered hydrocarbon resources.
It comes as Royal Dutch Shell struggles to start a long-awaited drilling programme off the coast of Alaska that has been plagued by delays and legal challenges. The company has spent $4.5bn on its Alaska plan without drilling a single well.
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