CHEVRON LEAVES LITHUANIA
U.S. oil major Chevron (CVX.N) 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 (TETY.ST) said it had increased its indirect interest in the Rietavas license owned by LL Investicijos to 30 percent from 14 percent.
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 program 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.
|November, 17, 19:55:00|
|November, 17, 19:50:00|
|November, 17, 19:45:00|
|November, 17, 19:40:00|
|November, 17, 19:35:00|
|November, 17, 19:30:00|
REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.