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Arctic draws oil money with stability, shallow seas

2013-02-12 14:37:00| Climate Ark Climate Change & Global Warming Newsfeed

Reuters: It may not be this year, but Royal Dutch/Shell and other oil companies will be back to drill in northern Alaska's seas, drawn by political stability and shallow waters. Weary of Middle Eastern turbulence, alarmed by Argentina's nationalization of Spanish group Repsol's assets, and shocked by the Islamist siege of an Algerian gas plant, companies are looking to unexploited parts of the Arctic. Drilling in the cold, remote waters is technologically difficult and expensive but dwindling reserves...

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