Reuters cited the company as saying in a letter to Canada’s National Energy Board on Wednesday that it will step back from a hearing on Arctic drilling rules as it has dropped its plans to drill in the EL 481 block, which is located 250km northwest of Tuktoyaktuk, Northwest Territories.
The company said: "Chevron has put its drilling plans for EL 481 on hold indefinitely.
Upstreamonline quoted the company as saying: "All Chevron’s exploration activities must be competitive in our global exploration portfolio, which is regularly reviewed against a range of criteria."
More than C$103m ($88.5m) has been paid by Chevron for rights to explore the 508,000-acre block.
According to the filings, the company started planning the well since 2009 and scheduled to commence drilling program at the prospect in the 2020s.
