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04.07.2012

Poland's Energy Giants To Sign Joint Shale Gas Deal

Poland's largest energy and mining company's are to sign a joint agreement on the exploration of shale gas, Poland's treasury minister has said.

Minister Mikolaj Budzanowski has told Polish Radio that PGNiG, the state-owned Polish Petroleum and Gas Mining company, copper miner KGHM, oil refiner PKN Orlen and other large energy company's will sign an agreement, Wednesday, on shale gas exploration.

“We need to consolidate,” Budzanowski says, adding that Poland will know the full extent of shale gas deposits in “two to three years time”.

The Treasury Minister also assured that the withdrawal of Exxon Mobil from the exploration and drilling process, which was announced last month, does not mean that the concession will be taken over by Russian firms that the US company has deals with – as has been speculated.

Earlier this week, Budzanowski said that PGNiG, KGHM and utilities PGE, Tauron and Enea will spend up to 1.5 billion zlotys (450.44 million USD) on shale gas development by 2015.

Copyright 2012, Polskie Radio. All rights reserved.

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