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Romania Has No Shale Gas

Romania Has No Shale GasRomania Has No Shale Gas

The Prime Minister of Romania Victor Ponta said that the country has no significant reserves of shale gas, but Chevron replied commenting that it is still analysing the data gathered through drilling and seismic testings.

"When the analysis has been completed, the results will be provided to the National Agency of Mineral Resources (NAMR) and will remain in the [Romanian] state's custody."

"It looks like we don't have shale gas, we fought very hard for something that we do not have," Ponta told television channel Antena 3, Natural Gas Europe reported.

Ponta made the comments despite there being no official statement whatsoever by Chevron on their exploration results. Rumors about Chevron's exploration in Pungesti, Eastern Romania, have been circulating for the past days.

Chevron retorted that it was "analysing the data gathered during its drilling and seismic operations to further understand the resource potential of natural gas from shale," according to Reuters.

"When the analysis has been completed, the results will be provided to the National Agency of Mineral Resources (NAMR) and will remain in the [Romanian] state's custody."

Some commentators and market participants voiced discontent with Ponta’s statements, explaining that the companies involved in the exploration should have been reserved the right to officially announce the results of the data analysis.

According to the last report by the EIA, Romania held the fourth largest reserves of shale gas in Europe, after Poland, France and Ukraine.

Financialtribune.com