BUCHAREST, Feb 22 (Reuters) - Chevron Corp said it will give up shale gas exploration plans in Romania, after an assessment showed the Black Sea state does not compete favourably with other investment opportunities.
Energy firms have been attracted by estimates of massive shale gas reserves in Poland and Romania. Last month, the U.S. energy major took a similar decision to discontinue its operations in Poland.
“Chevron intends to pursue relinquishment of its interest in these (Romanian) concessions in 2015,” Kent Robertson of Chevron said in an email to Reuters.
“This is a business decision which is a result of Chevron’s overall assessment that this project in Romania does not currently compete favourably with other investment opportunities in our global portfolio.” (Reporting by Radu Marinas; Editing by Robin Pomeroy)