Petroleum / Mining in Lithuania
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LITHUANIA, 2013/09/05
Lithuania has finally confirmed that it will proceed with the granting of rights to Chevron Corp. to explore for shale gas in western part of the country.
Chevron Exploration and Production Lietuva was the sole applicant in a tender for a license to explore for shale oil and gas in the 1,800 square kilometre Silute-Taurage prospect, which Lithuanian experts estimate may hold up to 80 billion cubic metres (bcm) of technically recoverable shale gas.
The multinational committed to spending a minimum of 80 million litas ($31 million) in exploration on the 1,800 square kilometre field located in western Lithuania near the Baltic Sea in exchange for a seven-year permit. Chevron would as well be granted a ten years license to explore for conventional oil in the field.
