• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 mins The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 4 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 17 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Did China cherry-pick the factors that affected the economic slow-down?
  • 1 day "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 1 day Are you aware of Oil Price short videos on our energy topics?
  • 2 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days NordStream2

Breaking News:

California Gasoline Prices Are Spiking

Hungary And Ukraine Butt Heads Over A New Natural Gas Deal

Hungary And Ukraine Butt Heads Over A New Natural Gas Deal

Ukraine’s ambassador to Hungary has…

Two Reasons European Natural Gas Prices Climbed So High

Two Reasons European Natural Gas Prices Climbed So High

With European natural gas prices…

Will Natural Gas Survive A Net-Zero World?

Will Natural Gas Survive A Net-Zero World?

Natural gas is often dubbed…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Chevron Waits for Romanian Vote to Decide Shale Fate

Elections this weekend in Romania could determine whether the country will allow foreign oil companies to go ahead with hydraulic fracturing of its sizable shale deposits.

US-based Chevron, for one, is itching to see a moratorium on fracking lifted so it can start drilling for shale, and the oil major is hoping that the current anti-fracking movement will lose ground after the 9 December vote.

It’s an uncertain gamble. Most analysts believe that the Social Liberal Union (USL) of current leftist Prime Minister Victor Ponta will win on 9 December.

What’s the USL’s policy on fracking? Well, the party hasn’t really said, keeping the wraps on the issue to avoid losing votes this weekend.

The probability is that a new USL government would seek to the lift the moratorium on fracking, but would have to wait until after the elections to do so. Once votes are cast, the party will not be under the same pressure to give in to the public’s anti-fracking sentiments.

Related Article: How Shale Oil will Change the World

Chevron clearly thinks the same. Once it has secured office, the USL will no longer be hostage to the electorate.

What’s at stake? Well, in combination with Romania’s already attractive conventional gas reserves of around 84 billion cubic meters, its shale reserves stand to make it entirely self-sufficient. This means no more Russia, which is presently Eastern Europe’s dream.

Together, Romania, Bulgaria and Hungary have an estimated 538 bcm of shale gas, so the region is hot for fracking, though the publics in all three countries remain concerned.

For Chevron, the stakes are indeed high. If the new Romanian government does not play ball with fracking, the US oil giant stands to lose its existing exploration rights. A separate referendum will be held alongside 9 December elections on shale gas exploration in Mangalia, on the Black Sea. If the referendum passes, Chevron will lose its concessions here—3 large blocks in Mangalia, plus another massive block in Barlad, also on the Black Sea.

Related Article: Ukraine Crushed in $1.1bn Fake Gas Deal

Chevron hopes to start drilling near Barlad soon after the elections.

Also watching elections closely is ExxonMobil, though in this case it's conventional gas. With its partner OMV Petrom (Austria), ExxonMobil has discovered a potential 84 bcm of conventional gas offshore in the Black Sea. For ExxonMobil, however, lifting a moratorium on fracking would unleash shale gas resources that make its conventional discoveries less impressive.

Chevron’s optimism is not based on regional trends. Bulgaria has already given in to public pressure to halt fracking. The difference in Romania is an election that could be an instant pressure remover.
By Charles Kennedy for Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News