Baltic Course: Lithuania to attract investors before announcing shale gas extraction tender

Lithuanian Minister of Environment, Kestutis Treciokas, and Minister of Energy, Rokas Masiulis, discussed about a new tender for the extraction of hydrocarbons in Silute-Taurage area. They agreed that joint efforts of the two ministries are needed in order to attract potential investors, reports LETA/ELTA.

"It is not the most suitable time to call a tender now. Business plans are being revised due to tense geopolitical situation. Many hydrocarbon extraction companies have cut spending on oil and gas exploration or have abandoned it altogether because of changes of oil prices in the international market. However, we hope that the situation will change and new companies will emerge that will take interest in shale oil or gas extraction opportunities in Lithuania and will participate in the tender," said the minister of environment.

Investors should find Silute-Taurage area attractive because it is possible to extract oil in traditional ways there, but once oil is extracted the same well could be used to drill into layers of shale.

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