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The AP (2/29) reports Chevron Corp. announced it would rescind its "experimental oil shale lease" in northwest Colorado, to "free up its resources for other priorities." Conversely, Chevron said in a recent press statement that it has been analyzing the process of using "carbon dioxide to draw out" a petroleum-like substance called kerogen "from rock" and the findings have been "productive."
However, the Denver Business Journal (2/29, Proctor, Subscription Publication) reports Checks and Balances Project Director Matt Garrington pointed out that Chevron decision's is just one of "long line of failed" projects because the process of drawing kerogen out of oil shale "isn't ready for prime time." BLM spokesperson Steven Hall said Chevron can "transfer or sell the leases, but the terms of the lease would still apply to the new company." BLM records indicate that under a lease signed in 2007, Chevron chartered "152 acres in Rio Blanco County."
The Grand Junction (CO) Sentinel (2/29, Harmon, Subscription Publication) adds that at present, two other companies – "Royal Dutch Shell and AMSO" -- hold oil shale leases in Colorado.