Chevron Ends Shale Gas Projects in Romania

US energy giant Chevron has decided to give up its shale gas explorations in Romania, according to media reports.

Romania, where the company holds four shale concessions, was Chevron's last shale gas project in Europe.

"This is a business decision which is a result of Chevron's overall assessment that this project in Romania does not currently compete favourably with other investment opportunities in our global portfolio," Kent Robertson of Chevron told Reuters news agency.

On January 31, the company also said it was abandoning is the hunt for shale gas in Poland due to failure to produce commercial flows.

The company shut down shale gas operations in Lithuania and announced that it was pulling out of explorations in Ukraine last year.

The decision to quit Romania was welcomed by local anti-fracking activists, who warned however that there were still a number of companies that have valid permits to explore.

Romania opened the door to companies seeking to uncover shale gas, hoping to replicate a boom in cheap energy seen in the United States.

In 2013, Chevron started to start drilling for shale gas in the Pungesti area of eastern Romania, but its work has been opposed by Romanian activists and villagers, voicing worries about the environment.

The company has tried to address these environmental fears, saying that its technology is safe.

Neighbouring Bulgaria, as well as France, has halted all exploration of shale deposits, citing environmental concerns. Britain stopped drilling in 2010 after exploration caused a minor tremor in north-west England.