Lithuanian PM Says Chevron Seeking Shale in Lithuania

Lithuanian Prime Minister Andrius Kubilius has told a news conference that American explorer and producer Chevron is seeking to explore for shale and gas in Lithuania.

The pronouncement came at a press conference today following news that Chevron has taken a 50 per cent in Lithuanian oil and gas company Investicijos. The Lithuanian PM said that Chevron would use the stake in the Lithuanian company to explore for shale gas and oil in Lithuania.

"As far as we know, Chevron is entering Lithuania by acquiring shares of one local company to prospect and explore for hydrocarbons, for oil and shale gas production," Reuters news agency reports the prime minister as saying. "That's a significant event.

"Our geological estimates show that Lithuania can hold 480 billion cubic meters (bcm) of shale gas reserves, with recoverable reserves at 120 bcm (billion cubic metres."

Prime Minister Kubilius also said that Chevron's entry into Lithuanian exploration could help the country to develop a gas market such as that currently seen in some of the biggest producer and supplier countries in the world.

"Such a big company as Chevron decided to invest in Lithuania in the exploration of shale gas, which we theoretically can have in Lithuania," the Lithuanian Tribune reports him as saying at the same conference. "Maybe in the future we will be able to become a Qatar or Dubai."

Reuters reports that Chevron has confirmed that it will pursue exploration efforts in the country, saying today that "in the coming months, this company will commence exploration activities in Lithuania on behalf of its owners."