European Shales: The Toll Grows....

Romania has been added to list of European nations in which Chevron Corp. is ending its exploration efforts for shale gas.

On Friday, Chevron announced that it is relinquishing its interests in shale-gas concessions in Romania.  The move follows an announcement last month that it was quitting shale-exploration activities in Poland. Last year the multinational withdrew from Lithuania, and pulled out agreement for exploring the Oleska shale field in western Ukraine.

“That leaves Romania, where we are in the process of relinquishing our concession interests,” a Chevron spokesman said according to the Wall Street Journal, without elaborating on the specifics of the decision.

In November 2013, Romanian PM Victor Ponta made a controversial statement that the country did not have significant reserves of shale gas.

"It looks like we don't have shale gas, we fought very hard for something that we do not have," Ponta said in a television interview.

At that time, Chevron commented that it was still in the process of analysing the data gathered through drilling and seismic testings. 

Chevron commenced drilling its first shale gas exploration well in the village of Pungesti, Eastern Romania back in May 2013. Earlier plans to proceed with exploration for the unconventional gas saw protests and the occupation and blockage of a drilling site that saw Chevron twice suspends its plans.

In December 2013, violent conflicts between riot police and locals in opposition of Chevron Romania’s shale operations saw the subsequent creation of a security zone.

Chevron also holds three shale-gas exploration blocks in the south-eastern region of Dobrogea, near the Black Sea.

According to the last report by the EIA, Romania held the fourth largest reserves of shale gas in Europe, after Poland, France and Ukraine.