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U.S. cancels Arctic offshore lease sale after Shell drops interest

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Screen Shot 2015-10-05 at 14.03.31WASHINGTON: Fri Oct 16, 2015

The U.S. Interior Department on Friday said it would cancel two potential Arctic offshore lease sales after Royal Dutch Shell PLC (RDSa.L) said that it was not interested in those leases.

“In light of Shell’s announcement, the amount of acreage already under lease and current market conditions, it does not make sense to prepare for lease sales in the Arctic in the next year and a half,” Interior Secretary Sally Jewell said in a statement.

Shell said last month it was giving up its Arctic search for oil after failing to find enough crude oil.

(Reporting By Patrick Rucker; Editing by Sandra Maler)

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