• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 17 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 16 hours How Far Have We Really Gotten With Alternative Energy
  • 25 mins e-truck insanity
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 5 days Bankruptcy in the Industry
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The United States produced more crude oil than any nation, at any time.
Editorial Dept

Editorial Dept

More Info

Romania and the Shale Question

Situation: Romania is ushering in a new government following December general elections, and this new government-designate is indicating that the shale question will be decided very soon. At stake are Chevron’s existing exploration contracts, which are languishing under a moratorium on hydraulic fracturing. The Prime Minister-designate, Victor Ponta, has now said that Chevron’s situation will be “an area of interest” and that the new government will pursue a competitive oil and gas industry.

Bottom Line: In June, the Romanian government opted to postpone a move to allow hydraulic fracturing until after parliamentary elections in early December. Elections are over and the incumbents have won. With the public pressure now off the government in terms of votes, the government-elect is likely to move forward in the name of securing hydrocarbon self-sufficiency and competing with Poland to the disadvantage of Russia.

Analysis: What’s at stake in Romania is its sizable shale reserves. No one knows exactly what the breakdown is, but the estimates are that Romania, Bulgaria and Hungary share 538 bcm of shale gas reserves. Right now, Romania isn’t allowing fracking--there has been too much public and political opposition. But that’s the run-up to an election. Until votes were cast and counted, the incumbent ruling political party, the Social Liberal Union (USL)—which won the vote—kept quiet on the issue, attempting…




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