Amid slumping oil prices and months of protests, including kayaktivists who paddled in front of an icebreaker to block its path, Shell announced Monday that it has ended its exploratory oil drilling in the Arctic for the “foreseeable” future.

Shell, one of the world’s largest oil companies, cited “disappointing” results from the well it drilled off the coast of Alaska as well as the high costs of such exploration and the challenges of seeking future U.S. permits. 

So, after spending approximately $7 billion, it’s giving up on the project. It won’t seek a permit next year, and its efforts to shed related 2017 financial commitments suggest its departure may be permanent. Its news coincided with the launch of the Energy Transitions