U-turn: Chevron gets green light to explore shale gas in Romania

17/05/2013 00:30 Natural Gas


The Romanian shale gas policy made a U-turn after the government allowed the oil giant Chevron to explore shale gas in the Romanian Black Sea coast.

However, despite Chevron’s approval for test drilling at the Costinesti and Vama Veche blocks in the coastal region of Constanta, the company should hold a careful outlook in the region. Under the license terms, Chevron will detonate explosions in depth from 10 to 15 meters in an area of 1,800 square meters. Additionally, in January Chevron received permission for eastern Romanian region Barlad, which boost the company's operations in the country. This policy shift came after Prime Minister Victor Ponta’s centre-left coalition government was opposed to hydraulic fracturing at the beginning, but in May 2012 the policy has slammed the previous decision. Shale gas drilling is a subject of controversy around the world, and the technique used, hydraulic fraction or fracking, has been forbidden in countries such as France and Bulgaria.

Daily (06.04.2019): Brent crude jumped by nearly 14% on Friday, on hopes for new output cuts by world oil leaders

06/04/2020 11:06:00

Crude oil prices rebounded on Friday, marking the first weekly rise in more than a month, after OPEC leader, Saudi Arabia, announced the willingness to have an emergency meeting to potentially cut oil supplies and solve the oil price war. Consequently, Brent crude for June delivery traded 13.9% higher at $34.11 a barrel. Similarly, WTI futures spiked by 11.9% to $28.34 a barrel.


Innogy commits to 342MW Kaskasi

06/04/2020 10:58:00

Innogy has given the go-ahead to its third German offshore wind farm having taken a final investment decision (FID) for the construction of the 342MW Kaskasi project in the North Sea.


German hourly power drops to minus 50.26 euros per MWh for Sunday

06/04/2020 10:54:00

German day-ahead power prices plunged as low as EUR -50.26/MWh on an hourly basis for a fourth consecutive Sunday amid low demand and high renewables feed-in.