VILNIUS, July 8 U.S. oil major Chevron
has divested its assets in Lithuania and pulled out of the
country, the company said on its website.
Chevron won a tender to explore for shale gas in the Baltic
state in 2013, but pulled out from the tender later citing an
uncertain legal framework.
"Chevron closed its office in Vilnius, Lithuania. The
company has divested its 50 percent equity interest in LL
Investicijos," the U.S. company said in a statement on the
website of its former office in Lithuania.
As a result of the divestment, Sweden's Tethys Oil AB
said it had increased its indirect interest in the
Rietavas licence owned by LL Investicijos to 30 percent from 14
The companies provided no value for the deal.
The Swedish company said Chevron's pullout would not impact
its plans regarding evaluation of conventional and
unconventional hydrocarbon potential in Lithuania.
"The work programme is fully funded from available funds
within the joint venture company LL Investicijos," it said.
Lithuania government plans to hold another tender to explore
for unconventional hydrocarbons after the parliament approves
required amendments, including on taxation.
Some lawmakers have called for stricter regulation of shale
gas exploration after public protests.
No timetable for the tender has been set.
(Reporting by Andrius Sytas; editing by Nerijus Adomaitis and