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.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015