Chevron cancels Canadian Arctic drilling as oil prices slide

Wed Dec 17, 2014 4:34pm EST
 
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CALGARY, Alberta Dec 17 (Reuters) - Chevron Corp said on Wednesday a plan to drill for oil in the Beaufort Sea in Canada's Arctic is on hold indefinitely because of what it called "economic uncertainty in the industry" as oil prices fall.

In a letter to Canada's National Energy Board, the company withdrew from a hearing into Arctic drilling rules because it has walked away from plans to drill in the EL 481 block, 250 kilometers (155 miles) northwest of Tuktoyaktuk, Northwest Territories.

"Chevron has put its drilling plans for EL 481 on hold indefinitely," the company said. (Reporting by Scott Haggett; Editing by Cynthia Osterman)