Chevron takes hit as Romania's designated Ponta Government plans immediate moratorium on shale gas exploitation
The moratorium means any activity of shale gas extraction through the controversial hydraulic fracturing procedure would be ceased.
For the moment, Bulgaria and France are the other two European countries which have imposed a similar moratorium. Chevron holds four exploration and exploitation licenses in Romania - all of which are in a stage of exploration for possible deposits.
A working group on the impact of hydraulic fracturing procedures on the environment was formed at European Commission level in January 2012. But the European Commission has decided that there is no need of a European legislation on shale gas, leaving decision making on the use of hydraulic procedures with authorities in each member state.