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Chevron notifies Ukraine about intention to quit shale gas project

December 15, 2014, 14:47 UTC+3 MOSCOW

The press service of Chevron did not specify reasons for the decision

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MOSCOW, December 15. /TASS/. The US Chevron has notified the Ukrainian government about the intention to quit the project to produce hydrocarbons in Ukraine’s Olesska field, press service of the American company told TASS on Monday.

The press service did not specify reasons for the decision.

In November, Ukraine’s government informed Chevron it had fulfilled all conditions necessary for the US company to begin exploration and production of shale gas in Ukraine’s west.

“We have sent a letter to Chevron, and now we are expecting a reply within 30 days. We are interested in signing the operation agreement as soon as possible,” Yaroslav Klimovich, head of Nadra Ukrainy, said then. Under the production sharing agreement, Chevron within five years was to complete geology exploration and drilling.

In November 2013, Ukraine’s government, Nadra Olesskaya and Chevron signed a production sharing agreement on production of hydrocarbons in the Olesska field (in Ukraine’s west). Chevron was expected to invest about $350 million in exploration of shale gas.

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