The high cost of drilling for oil in the Arctic, combined with the lowest oil prices in five years, have caused Chevron Corp. to drop their test well drilling program in Canada's Beaufort Sea.
Dec 19, 2014 The Wall Street Journal
Shell Oil's seven-year, $4 billion investment has paid off. Awaiting final Interior Dept. permits, two drilling ships, moored in Seattle, are poised to travel to the Arctic to begin drilling test wells in 150 ft of water off northern Alaska in July.
May 28, 2012 The New York Times - Environment