Royal Dutch Shell has abandoned its search for oil in the Arctic after failing to find enough supplies of crude.<br /><br /> It has reportedly spent $7 billion (6.26 billion euros) exploring the waters off Alaska and says the cost of pulling out for the foreseeable future could be $4.1 billion (3.67 billion euros).<br /><br /> The company cited its reasons in a statement: insufficient supplies, the project’s high costs and unpredictable US federal regulations. Shareholders had also put pressure on Shell to stop.<br /><br /> Environmental campaigners have long argued that drilling for oil threatened the region and its wildlife, and have welcomed the withdrawal as a watershed moment for the climate.<br /><br /> Greenpeace described the end of the drilling programme as a defining day for the Arctic.<br /><br /> BREAKING: US$7bil & 7 yrs later Shell ceases Alaska drilling #ShellNo #savethearctic http://t.co/jOf2UPX0L6 pic.twitter.com/01wJJhzy14— Greenpeace (Greenpeace) September 28, 2015
