Chevron Pulls Out of Bulgaria’s Shale

US-based Chevron pulled out of Bulgaria’s shale gas after three years of inaction. 

‘Chevron was the largest international energy company that had once expressed interest in the exploration and production of oil and gas in Bulgaria. Its withdrawal will certainly negatively affect foreign investment and prospects for exploration and production of oil and gas in the country and especially on the ability to replace imports with local sources,’ energy expert Ilian Vassilev wrote on his blog on Tuesday. 

According to Vassilev, who founded Innovative Energy Solutions Ltd, the news is no surprise given the existing moratorium on shale gas. Bulgaria has been the second European country after France to ban hydraulic fracturing in January 2012. Nonetheless, Chevron maintained some interests. The company won the tender for a 5-year contract in July 2011.  

‘Chevron is exploring more than 4 million acres under recent and pending agreements with the governments of Poland, Romania and Bulgaria. If commercial quantities of gas are confirmed in these shales, Chevron will seek permission to develop long-term, production opportunities,’ reads Chevron’s webpage on shale gas in Europe.