facebook
twitter
rss
account
search
search
 

Chevron walks away from Lithuanian shale

U.S. company shuts offices, divests from joint venture.
By Daniel J. Graeber   |   July 9, 2014 at 8:37 AM   |   Comments

http://cdnph.upi.com/sv/em/i/UPI-2611404908393/2014/1/14049094122261/Chevron-walks-away-from-Lithuanian-shale.jpg
VILNIUS, Lithuania, July 9 (UPI) -- U.S. supermajor Chevron announced it has shut down its offices in Lithuania and sold off half of its interests in the country.

"Chevron closed its office in Vilnius, Lithuania," a statement posted Tuesday on its website said. "The company has divested its 50 percent equity interest in [joint venture] LL Investicijos."

In a separate statement, Swedish energy company Tethys Oil said it increased its stake in the Rietavas license in Lithuania from 14 percent to 30 percent as part of the joint venture in the country with Chevron.

"The work program, focused on evaluation of the license area for conventional and unconventional hydrocarbon potential, continues as planned and is not affected by Chevron's exit," the Swedish company said.

Chevron in a 2013 annual report said three exploration wells had been drilled into the Rietavas block and results were under evaluation. No estimate of the reserve potential was given.

Britain, Poland and Lithuania are among the handful of members of the European Union said to be rich in shale natural gas deposits.

No value of the transaction was disclosed. Chevron gave no reason for the divestment.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Market Basket workers hail victory with announced sale to Arthur T.
2
Brazil assessing capabilities of Russian air defense system
3
Iran vetting oil customers
4
New gear to be supplied to deploying Australian troops
5
U.S. Navy receives first low-rate production RAM Bock 2 missile
Trending News
Video
x
Feedback