Shares digital

Oil major Royal Dutch Shell (RDSB) has picked up new exploration acreage in a licensing round offshore Alaska. The bid of $2.1 billion for the blocks in the Chukchi Sea was the highest tendered. The oil & gas industry’s move into the area has drawn fire from environmentalists, already fighting Shell’s plans to drill on acreage in the adjacent Beaufort Sea. But management believes the region could become a 'new heartland' for the company.

Shares says: Expansion in Alaska reflects Shell's need to replenish reserves – an area where it compares unfavourably with its peers. TS