Posted: Feb 28, 2012 12:44 PM by Greg Boyce
Updated: Feb 28, 2012 11:45 AM
GRAND JUNCTION, Colo. (AP) - Chevron Corp. is giving up its experimental oil shale lease in northwest Colorado, saying it wants to free up its resources for other priorities.
Company spokesman Cary Baird told the Grand Junction Sentinel that the company is working with the Bureau of Land Management to figure out what to do with the lease, including possibly transferring it to another company.
Chevron was one of three companies to get a federal oil shale lease in 2007. It had three people working full-time on using carbon dioxide to draw out kerogen, a petroleum-like substance, from rock.
The announcement comes as the Interior Department is considering reducing the area where oil shale research could be conducted in Colorado, Utah and Wyoming. A decision is expected by the end of the year.