Chevron Corp remains interested in developing shale gas deposits in western Ukraine and is monitoring closely the development of relations with Russia, Chief Executive John Watson said.
"In principle, we'd like to invest in Ukraine," Watson said in an interview with several reporters after Chevron's annual shareholder meeting in Midland, Texas. "It would be good for the country." Last fall the company signed a $10 billion deal to develop Ukraine's Olesska field, which is estimated to hold enough natural gas to supply the European Union's needs for three years.
The agreement is designed to unfold slowly over 50 years, with an initial investment by Chevron in the next two or three years of only $350 million for exploration work. Watson said he nor any Chevron staff member has yet to speak with Petro Poroshenko, Ukraine's president-elect, about the project.