Chevron cites policy changes for decision to abandon Lithuania shale gas drilling bid

10/9/2013 | Reuters

Policy changes have prompted Chevron to abandon its shale natural gas exploration bid in Lithuania after winning a tender last month. "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," Chevron said. The company, however, will remain in Lithuania, as it still has an oil drilling project there.

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