Even so, Shell’s careful preparations ended with a technological and PR disaster: the grounding of the Kulluk in a storm on the rocky shoreline of southern Alaska on New Year’s Eve, after the new ship lost all four engines and the Kulluk broke free. (Related: “Pictures: Errant Shell Oil Rig Runs Aground Off Alaska”)

The Kulluk story is a cautionary tale for the crowd of energy companies looking north. An oil rush has hit the Arctic, as companies run out of other places to drill and shrinking sea ice leaves more open water. From Alaska’s northern seas to the frigid waters off Siberia, companies are pumping billions of dollars into exploration and new infrastructure in the hope that they’ll be