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Monday, June 8, 2015

Warsaw Voice- Last Foreign Company Leaves Behind Shale Gas in Poland

The Warsaw Voice » Business » June 8, 2015
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Last foreign player pulls out of Polish shale gas
June 8, 2015   
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Global energy giant ConocoPhilips has said it is stopping exploration for shale gas in Poland amid unsatisfactory results, the last in a string of major global oil companies to pull out of such projects as early hopes of a gas bonanza in the country have faded away.

The company said on Friday its subsidiary Lane Energy Poland had invested around $220 million in Poland since 2009. It drilled seven wells over its three Western Baltic concessions. However it has not encountered production-level flows of the gas.

"Unfortunately, commercial volumes of natural gas were not encountered," Tim Wallace, ConocoPhillips country manager in Poland said in a statement.
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