Polish oil company LOTOS Group together with American CalEnergy Resources Ltd are working towards establishing a joint company for shale gas extraction in Lithuania, reported delfi.lt, referring to an article by onet.pl, based on Interfax Global Energy Services’ information.

“We have been interested in this project for quite some time now”, revealed the CEO of CalEnergy Ltd Mr. Peter Young.

According to onet.pl, Lotos will hold the larger stake in the venture, while the Americans will finance the preparatory works.

The partners intend to exploit estimated reserves of 4 billion cubic metres of gas in two potential gas fields.

The two companies are planning to make their final decision regarding the aforementioned investment in 2014.