Chevron quits shale gas exploration in Romania
Chevron Corp. said on February 20 it is relinquishing its interests in shale-gas concessions in Romania, the U.S. oil giant’s last shale-gas project in Europe, wsj.com reported. It follows Chevron’s announcement that it was quitting shale-exploration activities in Poland. “That leaves Romania, where we are in the process of relinquishing our concession interests,” a Chevron spokesman said. The spokesman didn’t say why Chevron was giving up the Romanian concessions. In 2014, Chevron Romania Exploration completed exploration in Barlad concession and a 2-D geophysical survey conducted in two of the three concessions in the Dobrogea region. Chevron Romania confirmed their intention to abandon plans for these concessions in 2015. This is a business decision made following evaluation of the project in Romania, which cannot currently favourably compete with other investment opportunities in the global portfolio Chevron, a company release read. According to an US Energy Information Agency report, Romania’s natural gas reserves technically exploitable from shale amounted to 1.440 billion cubic meters. Conventional gas reserves would amount to only 113 million cubic meters. In Romania Chevron has had leased fields in Moldova and southern Dobrogea. Chevron recently decided to quit and shale gas exploration in Poland, a sector that has failed to meet the expectations.