U.S. group Chevron Corp on Monday confirmed reports that it has given up itsshale gasexploration operations in Romania in order topursueother investment opportunities.
"This is a business decision which is a result of Chevron’s overall assessment that this project in Romania does not currently compete favorably with other investment opportunities in our global portfolio," Chevron spokesmanCam Van Ast told SeeNews in an email.
In 2014, drilling of the first exploration well in the Barlad Shale concession in northeast Romania was completed, as was a 2-D seismic survey across two of the three concessions in Dobrogea,southeastern Romania.
Chevron Romania intends to pursue relinquishment of its interest in these concessions in 2015, the company spokesman said.
Over recent years, the company hashad to halt its shale gas exploration activities in Romania several times due to protests from residents in nearby villages.