US Chevron Pulls Out of Bulgaria – Report

US energy giant Chevron is leaving Bulgaria, according to energy expert Ilian Vasilev.

According to reports of Pressa daily, Vasilev, who is related to the company's activity in Bulgaria, has confirmed the reports.

Vasilev is quoted as saying that the new strategy of the company focuses on Central and Eastern European Countries like Poland, Romania and Ukraine which provide a favorable environment for implementing the risky investments.

In July 2011, the Chevron won the tender for a 5-year contract for prospecting and exploration of shale gas on a territory of around 440 000 ha, vowing to bring EUR 30 M into the state coffers in exchange.

In January 2012, the Bulgarian Parliament imposed a moratorium shale gas exploration through hydraulic fracturing, thereby blocking the activity of the company in Bulgaria.

According to estimates of the U.S. Energy Information Agency, Bulgaria has potential deposits of shale gas of around 480 billion cubic meters of shale gas and 180 million barrels of shale gas.