EuroTrip: Here’s Why Chevron Is Headed Abroad

U.S. energy firm Chevron (NYSE:CVX) is set to begin prospecting for shale gas in Lithuania. The country has set a goal of becoming energy independent from Russia – its exclusive current gas provider – and has enlisted the help of Chevron to tap into new local sources.

To facilitate its move into the country, Chevron has reportedly purchased a 50 percent stake in a local Lithuanian energy company that has license to prospect for oil and gas in the large Rietavas field.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

Lithuanian Prime Minister Andrius Kubilius called Chevron’s “entering into Lithuania by acquiring shares of one local company to prospect and explore for hydrocarbons, for oil and shale gas production” a “significant event,” and added that his government estimates the country has approximately 120 billion cubic meters of recoverable shale gas reserves.

Chevron also acknowledged the move in a statement, saying, “in the coming months, this company will commence exploration activities in Lithuania on behalf of its owners.”

Don’t Miss: Oil Prices Recovering: What’s Responsible?