It’s often said that the definition of insanity is doing the same thing over and over again but expecting different results. So what should we make of Royal Dutch Shell’s decision to return to the Chukchi Sea? Is this pure folly, or is there method in Shell’s madness? A comedy of errors; Shell’s history in the Chukchi Sea reads like a rap sheet. Shell will have to make do without the albatross of its Kulluk rig, which the company has finally acknowledged is barely worth its value in scrap. That means another write-off in the fourth quarter of a few hundred million dollars, but, hey, who’s counting?
1 Way Shell Shouldn’t Emulate ExxonMobil
November 19, 2013
It’s often said that the definition of insanity is doing the same thing over and over again but expecting different results. So what should we make of Royal Dutch Shell‘s (NYSE: RDS-A ) decision to return to the Chukchi Sea? Is this pure folly, or is there method in Shell’s madness?
A comedy of errors
Shell’s history in the Chukchi Sea reads like a rap sheet. Shell reached a settlement with the U.S. Environmental Protection Agency this September under which the company paid out $1.1 million for violations of the Clean Air Act. EPA cited “numerous violations” of Shell’s air permits.