Shell resumes Arctic drilling but cuts $15bn from global investment

[Panich52]

Shell resumes Arctic drilling but cuts $15bn from global investment

Royal Dutch Shell is reviving plans to drill for oil in the Arctic in a move likely to intensify its battle with environmentalists.

The Anglo-Dutch giant's chief executive Ben van Beurden accepted that Arctic drilling "divides society", but said the world needs new sources of oil.

Greenpeace said Shell was taking a "massive risk" in a "pristine" region.

Shell also announced a $15bn (£9.9bn) cut in global spending, and profit figures that disappointed investors.

The cut in investment - spread over three years - comes after a fall in the oil price. Although the price is expected to remain lower in the medium term, Mr van Beurden said: "We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices.

http://m.bbc.com/news/business-31034870
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[Nihil]

1. That is a lie Mr. van Beurden.

> The Anglo-Dutch giant's chief executive Ben van Beurden accepted that Arctic drilling "divides society",
> but said the world needs new sources of oil.

The world DOES NOT need new sources of oil.

The fossil fuel industry DOES need new sources of oil in order to maintain their desired profit levels.

"The world" <> "the fossil fuel industry"