Chevron Suspends Shale Gas Search in Romania

In a statement provided to The Motley Fool, Chevron (NYSE: CVX  ) announced today it has suspended all shale exploration activities in Silistea, Pungesti commune, Vaslui county in Romania.

This follows months of reported demonstrations by local residents who protested the exploration of shale. Chevron was awarded three blocks in southeast Romania along the Black Sea in 2010, and in March 2012 it was awarded the concessions for those blocks.

In a fact sheet on its website, Chevron noted: "Geological estimates suggest Romania has substantial undiscovered natural gas resources from shale formations. With proper development, these opportunities could potentially provide many of the same benefits to regional and national economies in Romania."

The statement from Chevron highlighted that its priority is to operate in "a safe and environmentally responsible manner consistent with the permits under which we operate." It also added that it's "committed to building constructive and positive relationships with the communities where we operate and we will continue our dialogue with the public, local communities and authorities on our projects."

The statement concluded that the company has received the necessary permits and approvals to activities in Silistea, which is further inland, and that it "will undertake only exploration activities with conventional technologies in block EV-2, under our existing permits."


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