Skip to main content

Market Overview

Chevron Wins Bulgarian Shale Rights

Share:

Chevron (NYSE: CVX), the second-largest U.S. oil company, won rights from Bulgaria's government to explore for shale gas in the Eastern European country's Northeastern region. The company will pay the Bulgarian government $43 million, Bloomberg News reported.

The deposits Chevron will explore hold between 300 billion and 1 trillion cubic meters of gas, Bloomberg reported, citing an initial estimate by Bulgaria's Energy & Economy Ministry.

Bulgaria, like many countries in Eastern Europe, is looking to reduce its dependence on Russian natural gas imports. Earlier this month, California-based Chevron said it will drill multiple wells in Poland over the next year to help that country reduce its need for Russian gas imports.

Bulgaria consumes about 4 billion cubic meters of gas a year, Bloomberg reported. In addition to Bulgaria and Poland, Chevron is also working on shale gas projects in Ukraine.

 

Related Articles (CVX)

View Comments and Join the Discussion!

Posted-In: News Contracts Global Pre-Market Outlook Markets Movers

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com