Chevron Looking at Shale Gas Deals in Poland, Romania -Executive

AMSTERDAM (Dow Jones Newswires), March 21, 2011

Chevron is looking into shale gas deals in Poland and Romania, the company's Corporate Vice President John Gass said Monday.

Gass said Chevron, the second-largest U.S. oil company by market value after Exxon Mobil, foresees a dynamic growth in gas demand.

Last week Chevron said it plans to increase drilling for unconventional gas and oil reserves in the U.S. and elsewhere and raise total production by 1% this year.

In the U.S., Chevron expects this year to drill 70 wells in Marcellus Shale, a giant rock formation that has become a prolific source of natural gas underlying Pennsylvania, New York and other states. Chevron gained access to the area after it acquired natural gas producer Atlas Energy last month.

Besides that, Chevron is also focusing on Australia. Last week the company said it plans to start design work on an expansion of the company's AUD43 billion Gorgon liquefied-natural-gas project, in order to capitalize on rising Asian demand for clean-burning fuels.

"Australia's proximity to Asia is a big factor in Australia's rise to become one of the worlds biggest LNG producers," Gass said.

Copyright (c) 2011 Dow Jones & Company, Inc.


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