Chevron Bucks European Trend On Shale Gas

U.S. supermajor Chevron said it has an upbeat forecast on the shale gas potential in Lithuania after taking a stake in an energy company there.

Chevron announced it took a 50 percent stake in Lithuania’s private oil and natural gas exploration company LL Investicijos. Derek Magness, a director of Chevron’s operations in Europe, told The New York Times the acquisition was part of a move to expand Chevron’s regional footprint.