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Chevron pulls out of Polish shale enterprise

PR dla Zagranicy
Nick Hodge 02.02.2015 08:45
US energy giant Chevron has announced that it is to close its exploratory bids to find shale gas in Poland.
Photo: GlowimagesPhoto: Glowimages

The news marks a further setback for Poland's bid to broaden its energy portfolio, with Chevron's exit following on from those of companies including Marathon Oil, Exxon Mobil and Total.

Chevron affirmed in a statement that ''the opportunities here no longer compete favourably with other opportunities in Chevron’s global portfolio.''

The company has already shut down its operations in Lithuania, and its future in Romania and Ukraine is uncertain.

The US giant has been rocked by the 60 percent fall in oil prices, a situation that has prompted energy companies to tighten their belts.

Last year, the Polish government championed six-year tax breaks for companies involved in the bid to find shale gas. Earlier, some companies had pulled out owing to a lack of clarity in laws governing the enterprise.

America's Energy Information Administration (EIA) had estimated that Poland could have the largest shale deposits in Europe (5 trillion cubic metres), but more recent estimates by Poland's State Geological Institute have been lower, at 345.7 billion cubic metres.

Poland is currently engaged in a wide-ranging bid to broaden its energy portfolio. Besides shale and Liquefied Natural Gas (LNG) programmes, the government is also planning for the first part of a nuclear power station to be up and running within a decade. (nh)

Source: PAP/nytimes

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