Shale Projects and Gas Fracking in Eastern Europe

U.S. energy major Chevron, the only bidder to explore for unconventional hydrocarbons in the 1,800 square km Silute-Taurage field, has pulled out after winning a tender to explore for shale gas in Lithuania. “The fiscal, legislative and regulatory climate in Lithuania have substantially impacted the operational and commercial basis of the investment decision”, announced Chevron representatives. Business risk assessment resulted in the official statement which is highly disappointing for Lithuania’s politicians known for their harsh criticism of Russian energy supplies.