Chevron to stop shale gas drilling in Poland due to bleak prospects
RT.com
January 31, 2015
American energy giant Chevron announced it will discontinue its shale gas project in Poland as it no longer makes business sense. The company previously canceled drilling projects in the Arctic and in Ukraine.
“The opportunities here no longer compete favorably with other opportunities in Chevron’s global portfolio,” the company said in a statement.
Not only Chevron’s Polish unit has changed mind about the perspectives of shale drilling, Reuters points out.
Privately owned majors such as Exxon Mobil and Total did the same even earlier, as well as a number of smaller players of the energy market, considering downgraded estimates of shale gas reserves.
The energy prices nosedive in the end of 2014 forced international energy giants to exit ambitious projects they had been heavily investing into during the boom years. ConocoPhillips, Husky Energy, Marathon Oil, Whitecap Resources and others have announced significant budget cuts for 2015.
In particular, Chevron discontinued several projects in recent months.
Chevron Canada Ltd suspended its oil drilling project in Beaufort Sea in the Arctic for an indefinite period due to economic uncertainty.
Also in December Chevron unilaterally exited the Oleska shale gas field project in Ukraine’s western Lvov Region because of the fall in oil and gas prices.
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