Royal Dutch Shell terminated a contract with offshore oil and gas drilling services company Transocean as part of its strategic move to end its exploration campaign offshore Alaska, Shell confirmed to International Oil Daily on Tuesday. Shell pulled out of Arctic exploration at the end of September due to the strict environmental regulatory guidelines, the high costs associated with the project and falling oil prices, which have plummeted to around $36/ bbl from highs of $100/bbl in 2014 (IOD Sep.29'15).
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