Shale gas was supposed to be Ukraine's ticket to greater energy independence from Russia. Chevron's decision to pull the plug has smashed those hopes. The second-largest U.S. energy producer will pull out of an agreement for exploring the Oleska field in western Ukraine, a government official said this week. It was the final blow to the country's dream of becoming a big shale-gas producer after Royal Dutch Shell Plc retreated earlier this year from a similar deal in eastern provinces riven by a bloody war with pro-Russian separatists.
Ukraine's Energy Challenge
Bloomberg: Chevron shale exit shreds Ukraine’s hope of energy independence
From left: Chevron's General Manager for Europe Derek Magness , Ministrer of Ecology and Natural Resources of Ukraine Eduard Stavytsky and Viktor Ponomarenko, Chairman of the National Joint Stock Company \"Nadra Of Ukraine\" sign documents as (rear-standing) Geoffrey Pyatt, US Ambassador to Ukraine, and President of Ukraine Viktor Yanukovych (C) attend during the ceremony in Kyiv on Nov. 5, 2013.
