Chevron enters Lithuania exploration by buying into local firm

10/26/2012

Chevron enters Lithuania exploration by buying into local firm

BY BEN WINKLEY

LONDON -- Chevron said it has entered the Lithuanian market through the acquisition of a 50% stake in local company LL Investicijos. Chevron said that it will begin oil and gas exploration in Lithuania in the coming months. No further details were forthcoming.

Lithuania, like several other small European Union countries, depends on Russia for virtually all its gas supplies, and is locked in a bitter dispute with Russia's gas giant Gazprom over pricing. In an attempt to wean itself off Russian gas the Baltic state has invested in a LNG terminal, and is looking at the possibility of producing shale gas.

Dow Jones Newswires

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