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Published: 25 october 2012 14:33

Prime Minister believes shale gas can turn Lithuania into new Dubai

Andrius Kubilius
Luko Balandžio nuotr. / Andrius Kubilius

According to Prime Minister Andrius Kubilius, if assumptions about large shale gas reserves prove true, Lithuania may become a new “Dubai or Qatar” in the future. Kubilius spoke thus commenting about the investments by global energy giant Chevron in Lithuania’s company LL Investicijos.

“Such a big company as Chevron decided to invest in Lithuania in the exploration of shale gas, which we theoretically can have in Lithuania. Maybe in the future we will be able to become a Qatar or Dubai,” he said at the Baltic Investors’ Forum on Thursday.

Global energy giant Chevron Global Energy acquired 50 percent of shares in Lithuania’s LL Investicijos, a company that holds a license for oil prospecting and production, for an undisclosed amount earlier this week and intends to launch shale gas prospecting, the Verslo Žinios business daily reported earlier on Thursday.

If the investments by the US company in Lithuania are successful, they will fundamentally change the energy sector in the region and will have direct effects on the price of gas. Experts estimate that Chevron may invest more than 0.5 billion litas (EUR 145m) in shale gas prospecting at the Rietavas oil field. The scale of investments has not been disclosed so far. However, the US company confirms that it will launch prospecting works in the near future.

BNS
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