aA
US energy giant Chevron is no longer interested in exploring for shale gas in Lithuania, saying that opportunities in the country cannot compete with other opportunities in the company's global portfolio.
Chevron
Chevron
© AFP/Scanpix

"Chevron has closed its office in Lithuania as the opportunities here could no longer compete favorably with other opportunities in our global portfolio. Chevron has divested its 50 percent equity interest in LLI," Chevron's Polish representative office told BNS in an emailed response to the question whether the company would be interested in taking part in a new shale gas exploration tender than Lithuania's authorities are planning to launch.

Prime Minister Algirdas Butkevičius plans to meet with the US exploration and production association during his visit to the United States next week. He has said that Chevron's representatives might also be present.

Kristina Paukštytė-Brazdauskienė, spokeswoman for LL Investicijos, which holds an oil exploration and production license in the Rietavas block, in the western part of the country, said that the company would decide whether or not to bid after the terms were announced.

"The company will make its decision on the tender after the terms and conditions of the bidding have been announced and evaluated," she told BNS.

Lotos Geonafta, a Lithuanian oil production company owned by Poland's Lotos, would not comment on its plans regarding the planned shale gas exploration tender. The company owns 100 percent of shares in Genčių Nafta and Manifoldas each and holds a 50-percent stake in Minijos Nafta.

Environment Minister Kęstutis Trečiokas has said that a new tender may be announced next spring after parliament passes legislative amendments that provide for taxing shale gas production in Lithuania at a 1-percent rate over the first three years.

Chevron withdrew its bid for a shale gas exploration license in Lithuania last October, citing changes in the fiscal, legislative and regulatory climate. The US company last July sold its 50-percent stake in LL Investicijos.

BNS
Naujienų agentūros BNS informaciją skelbti, cituoti ar kitaip atgaminti visuomenės informavimo priemonėse bei interneto tinklalapiuose be raštiško UAB "BNS" sutikimo neleidžiama.
|Populiariausi straipsniai ir video

Avia Solutions Group to sel Baltic Ground Services Poland

Avia Solutions Group , the largest aerospace business group from Central & Eastern Europe, has...

Paysera has new vice president for development abroad

Starting June 1, Marius Pareščius , IT expert, businessman, and innovator, will be responsible for...

Palanga airport set to reopen with 1st flight since lockdown

Hungary's Wizz Air is on Tuesday relaunching its regular service between Palanga and Dortmund,...

Pandemic threats: how lockdown affected startups

The COVID-19 pandemic faced by the world paralyzed a significant number of businesses ....

Lithuania could apply for EUR 6.3 billion from EU recovery fund

The European Commission has proposed that Lithuania could apply for 6.3 billion euros from the new...

Top news

Foreign minister: EU's external borders unlikely to open until late June

The European Union 's external borders may remain closed until late June, Lithuanian Foreign...

Colombian student in Vilnius: once you go to other countries, you open a door that may be difficult to close

Colombian student Jorge Andres Agudelo Zuniga came to Vilnius in 2018 for studies via Australia. He...

Actor Gediminas Girdvainis passes away

Lithuanian theater and film actor Gediminas Girdvainis died at the age of 76 on Wednesday, the head...

3 new coronavirus cases in Lithuania

On Wednesday, 3 new COVID-19 cases were detected in Lithuania. Overall, Lithuania has already...

Lithuania gives nod to relaunch flights to 3 more countries

The government on Wednesday gave the green light for airlines to relaunch regular flights from...

|Maža didelių žinių kaina