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Chevron Shale Exit Shreds Ukraine’s Hope of Energy Independence

Shale gas was supposed to be Ukraine’s ticket to greater energy independence from Russia. Chevron Corp.’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.