Download now: King Coal Triple Play

Chevron (NYSE: CVX) Invests in European Shale

Oil Company Purchases Lithuanian Stake

Written by Swagato Chakravorty
Posted October 26, 2012

Chevron (NYSE: CVX) has bought a 50 percent stake in LL Investicijos, a privately-held Lithuanian oil and gas exploration concern. The purchase is a clear sign Chevron is eyeing European shale prospects.

Lithuania currently relies entirely on Russia for supplies of natural gas, but the country is actively trying to develop indigenous resources.

No details of the deal were announced, but it is expected that Chevron will increase its share in the near future. Chevron’s European efforts are being led by Derek Magess, director general of the company’s onshore European operations.

The company expects to discover substantial quantities of recoverable shale gas in a belt that runs across Europe from the Mediterranean to the Baltic nations. Chevron has already bought around 4 million acres in Poland and Romania, is working on a production-sharing contract with Ukraine, and is urging Bulgaria to lift its moratorium on shale gas exploration, the New York Times reports.

So far, Chevron has just bored two wells in its Poland holdings, though it hopes to begin another well shortly. It may also reopen an older Poland well for further exploration.

Several European nations still impose a ban on fracking over contamination concerns, something that is likely to give pause to American oil companies operating overseas.

Chevron, for example, has already met with resistance in Poland, but a possible counter-argument that may hold compelling power is the prospect of several European nations gaining independence from Russia’s oil monopoly, Gazprom (MCX: GAZP).


Energy demand will increase 58% over the next 25 years.

Trillions will be spent to secure the world's energy supply over the next two decades... and all sources are on the table.

Oil, Natural Gas, Solar, Wind. There will be money made.

Follow the money trail. Sign up for Energy and Capital now--It's free.

We never spam! View our Privacy Policy

By signing up, you'll also get our latest report, Six Oil & Gas Steals.


Related Articles

EIA: Shale Oil Set to Double
Shale oil continues to flourish in the U.S.
Misconceptions Behind Our Shale Boom
Editor Keith Kohl warns investors that making this mistake could be the difference between making a profit and losing everything.
Poland's Shale Well Shows High Gas Readings
BNK Petroleum's Poland Gapowo well is showing higher than expected gas levels.


Where is the Oil Cycle?
Coal Investing Destroyed After Centuries of Dominance
Renewables Take Over
Marijuana Bank Investing
3 Guaranteed Profits: Gambling, Prostitution, and...
Russian Stocks are Cheap
Fortune Favors the Bold
Nuclear Investing After Iran Deal
Look at China
Invest in the Lithium Revolution
Lithium Demand is Going Berserk
Investing in the Tesla (NASDAQ: TSLA) Powerwall
Tesla (NASDAQ: TSLA) Just Killed Your Power Company
Tesla (NASDAQ: TSLA) Powerwall Investing
How to Make $800 Million in One Week!
Putin and Saudi Arabia: Oil Dream Team Meet
Marijuana Bank Investing
3 Guaranteed Profits: Gambling, Prostitution, and...