Image

Oceana and the Abrams Environmental Law Clinic at the University of Chicago Law School are requesting that the US Securities and Exchange Commission (SEC) launch an investigation into Shell‘s regulatory filings on Arctic offshore drilling activites.

The two organisations have submitted a petition to the SEC for a formal investigation into the company’s disclosures.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The petition says Shell has not disclosed risks of a catastrophic oil spill, and the adverse litigation threats of its prospects in the Arctic.

Oceana CEO Andrew Sharpless said: "As we learned from Shell’s experience in 2012, the Arctic Ocean is remote and unforgiving.

"Companies like Shell cannot run from the reality that proposed oil drilling creates enormous risks for the ocean and for the company. There is no proven way to clean up a spill in icy Arctic conditions, and Shell has an obligation to make investors aware of that."

"Companies like Shell cannot run from the reality that proposed oil drilling creates enormous risks for the ocean and for the company."

Shell is seeking approval to recommence exploration drilling in the Chukchi Sea. The company’s Chukchi Sea Exploration Plan is being reviewd by the Bureau of Ocean Energy Management.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

After securing approvals, the company plans to use two vessels to drill up to six wells over several years, starting in 2015. Shell plans to invest $1bn on the activities in 2015.

Shell is yet to complete a single exploration well on leases purchased between 2005 and 2008, even though it invested over $6bn.

The SEC investigation may result in an injunction against future violations, or a requirement to amend the deficient filings.

Image: Shell is seeking approvals to recommence exploration drilling in the Chukchi Sea. Photo: courtesy of suwatpo/FreeDigitalPhotos.net.