• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 5 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 15 hours Socialists want to exorcise the O&G demon by 2030
  • 50 mins Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 10 hours Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 16 hours Chevron to Boost Spend on Quick-Return Projects
  • 18 mins Maritime Act of 2020 and pending carbon tax effects
  • 23 hours UK, Stay in EU, Says Tusk
  • 16 hours Conspiracy - Theory versus Reality
  • 1 day What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 1 day German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 23 hours Regular Gas dropped to $2.21 per gallon today
Can Mozambique Avoid The ‘Resource Curse’?

Can Mozambique Avoid The ‘Resource Curse’?

Mozambique, like many other resource…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Bulgaria Bans Fracking Following Public Protests

Bulgaria has just recently joined Brazil and Nigeria as countries in which oil giant Chevron are experiencing problems. I say this following the announcement that the US oil company has been prohibited from developing shale gas reserves via the process of hydraulic fracturing. They were initially granted a permit to explore the country’s  fracking potential back in June, but after weeks of public protests and rallies over environmental and public health fears, the Bulgarian government has now rescinded its decision. Energy Minister Traicho Traikov said that, “Chevron can still have the right to test for oil and gas, but without using the controversial technology of hydraulic fracturing.” They will continue to drill for oil and gas in north-eastern Bulgaria.

After initial exploration and analysis Bulgaria’s potential reserves of shale gas was estimated at 1 trillion cubic metres, and could have almost completely removed their total reliance on gas imports from Russia’s Gazprom. Due to this heavy reliance on Gazprom they have long looked for ways in which to diversify their energy sources. With Chevrons proposal to develop a five year, €50 million ($72 million) project along with €4 million ($5.8 million) investments in environmental protection, the long sought after liberation from Russia seemed to be within reach; but the public pressure was too great.

Alongside Chevron many other oil majors have been eyeing Eastern Europe for some time in order to tap into the large shale gas reserves. In addition to Bulgaria, Chevron is exploring shale resources in Poland and Ukraine. Royal Dutch Shell is also tapping shale resources in Ukraine, whilst Exxon Mobil has a presence in Poland. Fracking has faced a lot of scrutiny over the past few months and has been blamed for frequent earthquakes and pollution of ground water sources. In fact, although it has revolutionised the US natural gas industry, many states are now banning the process. France has also banned fracking, as have the UK. I imagine that the oil majors are doing all they can to ensure that the other Eastern European countries do not follow these examples and decide that the risks are too great to allow fracking to continue.

Today the Bulgarian government is scheduled to vote a proposal on a total ban on hydraulic fracturing in the country and its Black Sea territorial waters. Be sure that oil majors around the world will be watching closely.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News