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Shell begins oil and gas exploration in Alaska. As we all know, this news changes the situation to buy bitumen in USA. Therefore, we have decided to devote this article to this global issue. Shell plans to resume oil and gas exploration in Alaskan waters for the first time since 2015, according to the reports. The company is seeking government permission to build an exploration unit with an area of 86400 acres
(4047 square meters per acre). Moreover, they commit shell Company to begin seismic and
exploratory drilling in Harrison Bay over the next five years. It is worth mentioning that the bay is in the Alaska National Oil Reserve,
34 miles northwest of the Calvil River Delta,
where the Alpine oil field is currently producing oil.
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As a matter of fact, the company has identified the continuation of nanoshak and toroc structures in the Calvil River area. ConocoPhillips, Repsol and
Oil Search companies in Papua New Guinea have been exploring the area in recent years. It’s worth noting that Shell used to be an active oil explorer
and producer in Alaska but left the state in 2015 after an unsuccessful
and costly exploration program in the Chukchi Sea off the northwest coast of Alaska. As a matter of fact, Shell is looking for a partner to share the
costs and risks of these operations with it.
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“We have made significant progress towards the partnership’s goal
before the coronavirus epidemic and the fall in oil prices,” the company said. “While oil projects in the Arctic are still attractive because of their geopolitical capabilities and good financial outlook,
falling oil prices have affected our ability to negotiate a trade deal with a potential partner.” Besides, the fall in oil prices reduced Shell’s value by $22 billion.
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Royal Dutch Shell announced that $22 billion in value
had decreased in the second half of this year, according to a news agency, quoting Oil Price. It is the latest major oil company to announce a devaluation of its assets after falling oil prices. “In the second quarter of 2020,
but we have revised our mid-term and long-term refinery price outlook and profit margins to reflect the effects of the Coronavirus epidemic
and the oil supply and demand infrastructure in the energy market,”
the company said in a statement.
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but The company currently forecasts $35 a barrel for Brent oil this year and $40 a barrel for next year. Shell estimates oil prices at $60 a barrel in the end. According to these price forecasts,
Shell expects to reduce the value of its assets by $15 billion to $22 billion after taxes in the second quarter of this year.
Shell’s gas sector has also hit by $8 billion to $9 billion in price cuts. As the ultimate point, the upstream activities of the shale gas sector in exploration and production have damaged by $4 billion to $6 billion,
mostly in the US and Brazilian shale industries. Additionally, another $7 billion devaluations come from the refinery sector.
