Bloomberg: Chevron Anticipates Europeans Prefer Fracking to Putin
Chevron Corp. plans to win over eastern Europeans with the idea of energy independence even after dry wells and government delays led Exxon Mobil Corp. and Talisman Energy Inc. to scrap efforts to tap natural gas deposits in Polish shale.
Bringing shale drilling to Europe from North America promises to help the region ease years of dependence on Russian fuel and hurts the Kremlin’s ambition to secure the country’s future as an energy superpower. Use of hydraulic fracturing, or fracking, upended the U.S. gas industry, which overtook Russia as the biggest producer, driving prices to a decade-low.
“This resource could certainly enhance energy security within Europe and also bring enormous economic benefits,” said Ian MacDonald, vice president and head of Chevron’s Russia unit. “Chevron believes that upon learning how these hydrocarbon resources can be explored for and developed safely, the governments and citizens of central Europe will be supportive.”