Chevron to buy 50% stake in Lithuanian oil, gas company

Chevron Corp. bought a 50% interest in LL Investicijos, a Lithuanian oil and gas company that is expected to start exploration activities in coming months.

“We are looking forward to the joint effort and to conducting these activities safely and in an environmentally conscientious manner,” Chevron said in an e-mail to OGJ on Oct. 26.

Separately, Lithuanian Prime Minister Andrius Kubilius told reporters at the Baltic Investor Forum in Vilnius, Lithuania, on Oct. 25 that Chevron was interested in shale gas. Lithuania has an estimated 120 billion cu m of recoverable shale gas reserves. Chevron already holds interest in shale assets in Poland.

Poland has granted more than 100 shale exploration licenses to numerous companies, including Chevron, ConocoPhillips, and Marathon Oil Corp. Poland has three shale basins (see map, OGJ, Nov. 7, 2011, p. 36).

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