Chevron pulls out of shale gas exploration in Romania

AP News
|
Posted: Feb 23, 2015 11:54 AM

BUCHAREST, Romania (AP) — U.S. oil company Chevron says it has pulled out of shale gas drilling in Romania, weeks after ending business in Poland.

The company began drilling for shale gas at its exploration well in northeastern Romania in 2014, a project that drew protests. It is also ending its three other concessions in Romania.

In a statement Monday, Chevron said it was pulling out due to "a business decision .... this project in Romania does not currently compete favorably with other investment opportunities in our global portfolio."

Earlier this year, Chevron said it would no longer explore for shale gas in Poland, another blow to Poland's plans to diversify its energy sources. Last year Chevron abandoned drilling for conventional gas in eastern Ukraine.