(MENAFN) Royal Dutch Shell, the top Oil firm, is pulling the plug on exploration in Arctic waters off Alaska and expects a loss of up to USD4.1 billion after failing to find sufficient oil.
The fruitless drilling operation is Shell's second chief setback in the area after it interrupted exploration there for three years in 2012 when a huge drilling rig broke free and grounded.
Shell has spent about USD7 billion on explorations in the Arctic and its decision to pull out reflects the mission's high expenses, furthermore, environmental campaigners welcomed the news.
Most huge oil companies have also hold back on spending and put some investigation projects on hold ever since crude prices more than halved from last year's peak.
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