Oil major Royal Dutch Shell is planning to resume oil drilling program in the Alaskas Chukchi Sea in this year, following a nearly two-year suspension.
The move is being opposed by environmentalists, who claim that the oil spill risk in the Arctic is too high.
The drilling program was suspended in early 2013 following the grounding of a drilling rig.
Royal Dutch Shell CEO Ben van Beurden said that the world needs new sources of oil.
Reuters cited Beurden as saying to journalists that the drilling program resumption is, however, subject to receiving necessary approvals and clearing off a number of legal challenges as well as having the logistics in place.
Greenpeace environmental campaigner Charlie Kronick said: Shell is taking a massive risk doggedly chasing oil in the Arctic, not just with shareholder value, but with the pristine Arctic environment.
Meanwhile, Shell is considering to cut $15bn (£9.9bn) in global spending, over three years, amid plunging oil price, reports BBC News.
Kronick said: Despite announcing cuts [in global investment], Shell hasnt taken the opportunity to cut its most high-cost high-risk project.
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