Edvardas Pocius | The Lithuania Tribune
Yesterday it was reported that the second largest US energy group Chevron plans to look for shale gas in Lithuania after buying 50 percent of a local company’s shares.
‘The acquisition fits in with Chevron’s regional strategy. We believe Lithuania is going to be a good host country’ said Derek Magness, director general of Chevron’s onshore European operations, to the New York Times..
‘The exploration works, which are going to begin next year, will determine the company’s commercial future in Lithuania’ said Sally Jones, Chevron’s external communications adviser in Europe, to the business daily Verslo Žinios.
When asked about the financial aspects, the company’s representative refused to name the size of the planned investments and plausible cost of shale gas extracted in Lithuania.
‘A belt across Europe from Lithuania to the Mediterranean has been identified and the company is going to find out the potential of drilling in the region. It is a matter of time and financial resources’ said Mrs. Jones.
The Prime Minister Andrius Kubilius has described the Chevron’s interest as a significant event. ‘As far as we know, Chevron is entering Lithuania by acquiring shares of one local company to prospect and explore for hydrocarbons, for oil and shale gas production’ said the PM.
It is also not known if Chevron plans to sell the extracted shale gas in the Lithuanian market. That is the key question for the country as it is depended on a sole energy source – the Russian company Gazprom.