Romania eyes shale gas opportunity

Newsroom 14/09/2011 | 16:20

The recent Romanian delegation that was welcomed by US top political figures also aimed at opening a new set of deals regarding the shale gas exploitation. Chevron, an American energy company with extensive experience in this field, already owns blocks in Romania that contain shale gas deposits.

The Romanian minister of Foreign Affairs, Theodor Baconschi and US Secretary of State Hilary Clinton discussed the possibility of the United States offering expertise for joint projects in the area of tapping shale gas, as well as the support of the American side for actions in the field of energy and alternative routes, such as the South Corridor.     

During a conference on energy and power, held last week in New York, George Kirkland, Vice Chairman and Executive Vice President of Chevron, highlighted that the energy company has interest in exploiting four blocks in Romania, covering 2.1 million acres. Kirkland mentioned Barlad Block and Block 17, 18 and 19 in South Romania, Dobrogrea area, as future growth opportunities.

In a statement for Financial Times, John Watson, CEO of Chevron, explained that governments worldwide will turn to natural gas in an effort to lower their dependence on carbon fuels. He went on saying that shale gas is about 30 percent less carbon intensive than oil and 50 percent less than coal.

According to a report issued this spring by the U.S. Energy Information Administration, Romania Hungary and Bulgaria have a joint recoverable shale gas reserve of 19 trillion cubic feet. 

Ovidiu Posirca

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