BIG BLOW FOR SHALE ENERGY: Chevron Terminates All Shale Gas Exploration In Europe
By: Steve St. Angelo, SRSrocco Report
GoldSeek.com
Tuesday, 24 February 2015
The Shale Energy Industry suffered another big blow as Chevron terminated its last European operations in Romania due to poor exploration results and ongoing anti-fracking protests. Chevron also suspended all operations in Poland last month and cancelled shale gas agreements in Ukraine and Lithuania.
This is just another bad sign for the Shale Energy Industry. A few years ago, the hype put out by the Main Stream Media (MSM), was that there was an endless amount of shale oil and gas reserves all over the world. Of course, this was pure nonsense as a few of the more enlightened energy analysts knew better.
According to the article, Chevron Ditches Last European Fracking Project In Romania:
While the US Energy Information Administration had previously estimated that Romania could potentially recover enough gas to cover domestic demand for more than a century, the exploration failures resulted in the country’s prime minister, Victor Ponta, saying last year that it looks like Romania “does not have shale gas.”
Globally, Chevron’s 2014 failure rate stood at 30 percent, as compared to 18 percent in 2013, according to Bloomberg. Sixteen of the 53 wells the company drilled were found to have had no commercially viable quantities of oil or natural gas.
As the article stated, the U.S. Energy Information Agency (EIA) first estimated that Romania had enough shale gas reserves to supply the country for more than a century. So a SHALE ENERGY BANG turned into a WHIMPER as Chevron’s shale gas exploration projects turned out to be an utter failure.
The Rest…HERE
