American energy giant Chevron has relinquished its interests in shale gas concessions in Romania as a strategy of 2015, the company said Tuesday.
Chevron analyzed the data gathered during its drilling and seismic operations in Romania to further understand the resource potential of natural gas from shale, Chevron announced in November. However, the company faced public protests against the drilling activities in the country.
Chevron stated via email to The Anadolu Agency that 'in 2014, drilling of the first exploration well in the Barlad Shale concession in northeast Romania was completed, as was a 2-D seismic survey across two of the three concessions in southeast Romania. Chevron Romania intends to pursue the relinquishment of its interest in these concessions in 2015.'
'This is a business decision which is a result of Chevron’s overall assessment that this project in Romania does not currently compete favorably with other investment opportunities in our global portfolio,' the company underlined.
According to a 2013 report by U.S. Energy Information Administration, a study on the technically-recoverable shale oil and shale gas resources reveled that Romania holds 1,400 billion cubic meters of technically-recoverable shale gas resources and ranks third in Europe in terms of potential shale gas after France and Poland - both who rank first followed by Norway in second place.
It is estimated that the potential shale gas could meet the country's domestic demand for about a century, according to the energy agency.
Chevron had earlier pulled out of its shale gas explorations in shale gas-rich Poland citing the same reasons.
In first half of 2014, Chevron completed a 3-D seismic survey on the Grabowiec concession of Poland and had also entered into a joint exploration agreement covering Chevron's Grabowiec and Zwierzyniec licenses along with the two adjacent licenses in early 2014.
'In fourth quarter of 2014, Chevron relinquished two shale concessions - Frampol and Krasnik, in southeastern Poland. In early 2015, Chevron announced the discontinuation of exploration activities in Poland,' the company said.
By Nuran Erkul