WASHINGTON — Fracking, which was a resounding success in the U.S., will now be conducted in Ukraine. Chevron signed a $10 billion agreement with Ukraine to help the country become more energy independent from Russia.
Reuters reported that the deal will develop the western Olesska field, on heels of a similar agreement with the Royal Dutch Shell company written this past January.
Ukranian President Viktor Yanukovich told investors, “The agreements with Shell and Chevron … will enable us to have full sufficiency in gas by 2020 and, under an optimistic scenario, even enable us to export energy”. But, shale reserves have been cumbersome in Europe, more so than in the U.S.
Chevron suspended work in Romania and pulled out of Lithuania after unsuccessful results or protests. But, Reuters did not mention how Europe typically has more regulations than the U.S. does, albeit that gap is shrinking.