Canadian PM puts arctic drilling on ice but leaves companies in limbo

Posted on 4 Jan 2017 by Aiden Burgess
Canadian Prime Minister Justin Trudeau has declared Canada's Arctic waters off limits for oil companies - image courtesy of Pixabay

Canadian Prime Minister Justin Trudeau has declared all Arctic Canadian waters off limits indefinitely, which is set to leave oil companies such as BP in limbo with regards to their exploration operations in the region.

Five companies including BP, Chevron, ConocoPhillips, Imperial and Franklin Petroleum Canada, currently hold active exploration licences in Canada’s share of the Beaufort Sea. The five companies’ arctic exploration licences in the Beaufort Sea expire between 2019 and 2023. The Canadian PM is set to review his moratorium within the time period of the exploration licences but has recently…

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