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Chevron Cancels Bulgaria Fracking, Shell Postpones Ukraine Plans

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Screen Shot 2014-03-04 at 17.39.57Extracts from a CorpWatch article by Richard Smallteacher publish 12 June 2014

Fracking for oil and gas across Europe has suffered a series of setbacks with Chevron closing its offices in Sofia, Bulgaria, and Shell postponing fracking plans in the Ukraine by at least two years. Meanwhile the French government is standing firm in its opposition to fracking. Shell announced that it would take a respite from drilling for gas in the 8,000-square-kilometer Yuzivska field in the eastern Ukraine in early June. The company was awarded the concessions by the government of Viktor Yanukovych in January 2013, a year before he was ousted from office by violent protests this past February. Since then, clashes between government forces and pro-Russian militias have caused Shell to reconsider, not least because Shell has other lucrative energy deals in Russia. “We obviously need to assess the future security situation as it develops because the safety of our own people is our first priority,” Simon Henry, Shell’s chief financial officer, told Bloomberg TV. “Russia is a major holder of hydrocarbon reserves, possibly the largest in the world. So in the long term it really does matter.”

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