Polish and US gas giants joins forces in shale gas exploration
April 1, 2014
Poland's gas monopolist PGNiG signed a cooperation deal with US fuel giant Chevron on joint exploration of four shale gas licenses, two of PGNiG and two of Chevron, PGNiG said in a market filing.
The deal concerns E Zwierzyniec and E Grabowiec licenses held by Chevron and Tomaszůw Lubelski and Wiszniůw-Tarnoszyn licenses held by PGNiG, all in southeastern Poland.
"The joint efforts will include drilling of an exploration well," filing said.
The parties will also exchange geological data and experience gathered so far as part of their shale gas exploration efforts," according to the filing.
The companies will also work on the second stage of the agreement, which " will be subject to positive evaluation of the first stage exploration program's results by the technical committee."
"At all stages of the relationship PGNiG and Chevron intend to jointly carry out the exploration work, determine its scope and decide on the financing methods," PGNiG said.
PGNiG expects to identify its most promising shale gas deposits and determine further directions for its shale gas exploration by end-2016, deputy CEO for exploration and extraction Zbigniew Skrzypkiewicz said yesterday during a PAP debate on the security of oil and gas supplies.
The company will spend PLN 1.3 billion on hydrocarbon exploration in 2014 and plans to conduct 33 exploratory drillings this year, including 10 shale gas drillings, Skrzypkiewicz said.