"Within several years, these activities will help find out if commercially viable production of hydrocarbons is possible. However, the development of hydrocarbon production from shale and other geological structures could certainly improve Europe's energy diversity and also provide substantial economic benefit," the company said in its answers to questions from Verslo Žinios, sent by Sally Jones, Chevron's external communications adviser in Europe, Eurasia, and the Middle East.
The company did not comment on the size of investments in Lithuania in the next several years. Nor did it answer the question of whether it was thinking of selling gas in Lithuania.
Chevron Global Energy on Wednesday purchased a 50 percent stake in LL Investicijos and has an option to buy the remaining shares in the company in the future. The value of the transaction is not being disclosed, but it is thought that it could be close to that of Chevron's deal in Bulgaria, where it paid 30 million US dollars for an oil field of a similar size.
Experts estimate that Chevron may invest more than 0.5 billion litas (EUR 145m) in shale gas prospecting in the Rietavas oil field in western Lithuania.