Oil and gas giant Chevron is giving up on its shale gas plans for Romania, marking the end of its European efforts for the resource. And it’s not alone in scrapping European plans.
The California-based company said that the fracking project does not make economic sense at this time, so it is relinquishing its concessions in the country. Less than a month earlier, Chevron pulled out of shale gas exploration in Poland, citing similar reasoning.
“Chevron intends to pursue relinquishment of its interest in these (Romanian) concessions in 2015,” the company’s Kent Robertson said in an email to Reuters. “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.”