Shell puts Arctic operations on ice.

FT: Shell has abandoning plans to drill for oil off the north coast of Alaska this year, “in a huge setback for the company’s Arctic ambitions.” “Shell said it would “pause” its exploration drilling activities for 2013 in Alaska’s Beaufort and Chukchi Seas “to prepare equipment and plans for a resumption of activity at a later stage”. It did not say when it would resume the campaign. The company has spent some $5bn on the campaign and has yet to complete a single well.”