US Chevron Pulls Out of Bulgaria – Report

Business » ENERGY | May 28, 2014, Wednesday // 09:55| Views: | Comments: 0
  • Send to Kindle
Bulgaria: US Chevron Pulls Out of Bulgaria – Report

US energy giant Chevron is leaving Bulgaria, according to energy expert Ilian Vasilev.

According to reports of Pressa daily, Vasilev, who is related to the company's activity in Bulgaria, has confirmed the reports.

Vasilev is quoted as saying that the new strategy of the company focuses on Central and Eastern European Countries like Poland, Romania and Ukraine which provide a favorable environment for implementing the risky investments.

In July 2011, the Chevron won the tender for a 5-year contract for prospecting and exploration of shale gas on a territory of around 440 000 ha, vowing to bring EUR 30 M into the state coffers in exchange.

In January 2012, the Bulgarian Parliament imposed a moratorium shale gas exploration through hydraulic fracturing, thereby blocking the activity of the company in Bulgaria.

According to estimates of the U.S. Energy Information Agency, Bulgaria has potential deposits of shale gas of around 480 billion cubic meters of shale gas and 180 million barrels of shale gas.

Energy » Be a reporter: Write and send your article
Tags: Chevron, shale gas, shale gas exploration, hydraulic fracturing, hydraulic fracking, moratorium All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria