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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.
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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.”
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