The US and Canada agreed Tuesday to designate the majority of their Arctic waters off limits to oil and natural gas drilling. The US is also permanently withdrawing areas of its Atlantic waters from future oil and gas leasing as well, according to the US Department of the Interior. In a statement, the White House said the “vast majority” of federal US waters in the Chukchi and Beaufort seas and all Arctic Canadian waters would be “indefinitely off limits” to offshore oil and gas leasing. The leasing prohibitions on Canadian waters would be reviewed every five years through a “climate and marine science-based life-cycle assessment,” the White House said. Article continues below… Introducing Platts Well Economics Analyzer Platts Well Economics Analyzer provides information and analytics to help you make confident investment, exploration and drilling decisions. With access to S&P Global Platts data, our proprietary IRR model and our analysts’ […]