facebook
twitter
search
search

Chevron takes lead in Lithuanian shale

Jan. 16, 2013 at 8:20 AM

VILNIUS, Lithuania, Jan. 18 (UPI) -- The Lithuanian government said Chevron would need to invest about $31 million in the country if awarded shale natural gas acreage there.

Chevron's subsidiary in Lithuania was the only company to bid for shale exploration rights in the Silute-Taurage field in the west of the country, reports Bloomberg News, citing regional media.

Lithuania, Poland and Ukraine are among Eastern European countries eying potential shale gas reserves. The U.S. Energy Department's Energy Information Administration estimated in 2011 that Lithuania may hold as much as 4 trillion cubic feet of technically recoverable shale natural gas reserves.

Bloomberg reports that the government estimates that Chevron would need to invest at least $31 million in the field if the bid for western Lithuanian acreage is accepted.

Chevron stated that last year it acquired a 50 percent equity stake in Lithuanian company LL Investicijos.

Lithuanian shale could satisfy the country's demand for natural gas for the next 20 years. Countries in the region are looking to break the grip that Russia has on the energy sector. Last year, the European Commission launched a monopoly probe into Russian energy company Gazprom's operations in the region.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules