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Detail – Energy Country Profile

Chevron withdraws from shale exploration in Lithuania

Chevron has decided to withdraw from the tender for exploration and production rights in the Silute-Taurage area of Lithuania. The company, which had acquired 50% of LL Investicijos, the owner of a hydrocarbon exploration licence in Rietavas, submitted the only bid in the tender in January 2013.

Chevron has announced that if would focus on this licence, due to the changing regulatory and legislative landscape over shale in Lithuania. Indeed, the Baltic country is considering new environmental approval procedures and tax increases on shale hydrocarbons (up to 40% on income).
Lithuanian government will review its legal framework and will discuss whether to call a new tender for exploration of shale gas and oil.



Source:  10 October 213