The company’s latest decision comes just after a month the company announced that it will go ahead with its planning for two exploration wells in the Chukchi Sea in 2014, reported AFP.
A ConocoPhillips spokeswoman was quoted by the news agency as saying that the company has faced changing standards in the permitting process for the Chukchi Sea plans.
ConocoPhillips Alaska president Trond-Erik Johansen in a press statement said, "While we are confident in our own expertise and ability to safely conduct offshore Arctic operations, we believe that more time is needed to ensure that all regulatory stakeholders are aligned."
The company had originally planned to drill its first Chukchi well, called the Devils Paw prospect, which has minority stakes by Statoil and OOGC, a unit of China National Offshore Oil Company, reported Reuters.
ConocoPhillips said that it will work with federal officials and other leaseholders to create a regulatory structure before carrying out safe offshore oil and gas exploration in Alaska.
