Chevron has divested its assets in Lithuania and pulled out of the country, according to the company’s website.
Chevron won shale gas exploration rights in the Baltic state in 2013, but pulled out from the tender later citing an uncertain legal framework.
“Chevron closed its office in Vilnius, Lithuania. The company has divested its 50 percent equity interest in LL Investicijos,” the statement said.
Sweden’s Tethys Oil AB said it had increased its indirect interest in the Rietavas license owned by LL Investicijos to 30 percent from 14 percent as a result of Chevron’s divestment.
The financial terms of the deal were not released.