Obama OKs Oil Exploration, But Not Drilling

March 28, 2012 by staff 

Obama OKs Oil Exploration, But Not Drilling, The US Department of the Interior has approved the spill plan proposed by Royal Dutch Shell plc (NYSE: RDS-A), a nearly final step before the company can proceed with exploratory drilling off Alaska’s northern coast in the Chukchi Sea. Shell still needs to acquire several more permits, but this is a major step forward.

At the same time that it announced its Shell decision, the Department also said that it would target 2013 as the starting date for additional seismic studies off the east coast of the US. These coastal areas have been off-limits to exploration and drilling for more than 30 years.

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