After sinking eight years and more than $8 billion into the effort, Shell Oil is pulling out of the Arctic Ocean, the company announced in a press release Sunday night.
Shell officials said the company safely drilled a well 6,800 feet beneath the floor of the Chukchi Sea this summer. They found indications of oil and gas there, but not enough to warrant further exploration.
“We thought it was the potential to be a multibillion-barrel prospect,” Shell Alaska spokesperson Meg Baldino said. “That is not the case. It is not commercial.”