US major Chevron has decided to withdraw shale gas exploration in Romania, one month after having abandoned shale gas operations in Poland. As in Poland, shale gas resources assessment indicated limited opportunities. The group will pursue relinquishment of its interest in Romanian concessions in 2015. The company's quarterly results suffered from a 30% decreased compared to the fourth quarter of 2013, and falling oil prices are forcing Chevron to cut spendings. The company plans to invest US$35bn in 2015, 13% less than in 2014.
Chevron has shale gas exploration rights in eastern Romania (Vaslui county); the company had to suspend its exploration activities between October and December 2013 due to fierce local opposition. In 2013 Romania's shale gas reserves were estimated at 1 444 bcm by the US EIA, and the country currently plans to launch tenders to expand exploration. The Romanian Government decided to support shale gas exploration and lifted the shale gas moratorium placed in 2012.