Skip to Content

Frozen Future

ShareAction, together with Greenpeace UK, Platform, Oil Change International, Oceana, and Pacific Environment, has published a new report: Frozen Future: Shell’s ongoing gamble in the US Arctic.

This report explores the many operational questions that remain unanswered to the satisfaction of the US government and others, along with economic risks to Shell’s planned Arctic projects that remain unanswered to the satisfaction of financial analysts. These risks include: 

  • doubts over the level of commercially recoverable oil reserves when available public data suggests an uneconomical gas play;
  • inadequate spill response capacity;
  • a long-term, capital intensive project dependent on high oil prices beyond 2030; 
  • inadequate oil spill response infrastructure in a remote region;
  • concerns over contractor management;
  • the lack of disclosure of Shell’s estimate of and preparedness for the financial impacts of a worst case scenario spill; and
  • ongoing litigation.


Russian Roulette     

The report also proposes questions that investors should ask Shell, to enable them to understand whether the company has adequately assessed the various risks it faces and is taking appropriate steps to mitigate and manage them.

Read the full report here


"Their research in this report is comprehensive and impeccable. Far from being a position piece, this report clearly describes the economic, regulatory and environmental risks Shell faces with its currently paused Arctic exploration campaign." The Arctic Institute


   The report is accompanied by an investor briefing, available here. The briefing outlines the risks that investors may face and provides them with suggested questions to ask Shell.