"Chevron quits Lithuania shale gas exploration tender"

Reuters:

VILNIUS, Oct 8 (Reuters) - U.S. energy major Chevron has pulled out after winning a tender to explore for shale gas in Lithuania, blaming changes to laws which have made it less attractive.

 Chevron was the only bidder to explore for unconventional hydrocarbons in the 1,800 square km Silute-Taurage prospect. The government picked it as a winner a month ago.

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""Significant changes to the fiscal, legislative and regulatory climate in Lithuania have substantially impacted the operational and commercial basis of the investment decision since the company submitted its bid in January 2013," it said." 

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 "The proposals debated by the parliament include taxing exploration of shale gas and shale oil at 40 percent, up from the current 16 percent on conventional hydrocarbons."

 Mitä ilmeisimmin Liettuassa ei ole tarvetta uudelle öljyn tai kaasuntuotannolle. Kesän porauksen tuloksillakin on saattanut olla vaikutusta Chevronin päätökseen.