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Oil & Gas

Chevron to Explore for Shale Gas in Bulgaria

June 15, 2011
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The Associated Press reports, Bulgaria''s government says it has granted U.S. oil company Chevron a permit to explore for shale gas in northeastern Bulgaria over the next five years. In a statement, the government said that Chevron would prepare a five-year project worth euro50 million ($72 million) and invest euro4 million ($5.8 million) on environment protection. California-based Chevron won a tender in May to explore for natural gas in shale deposits in Bulgaria. Initial estimates by the bidders showed potential reserves of between 300 billion and 1 trillion cubic meter of shale gas.

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