Wednesday, January 15, 2014

Eni said to join shale gas exodus from Poland

Eni said to join shale gas exodus from Poland 2:50 PM
  • Eni (E) reportedly is set to abandon efforts to produce shale gas in Poland, dealing another blow to the country's ambitions of becoming a significant gas producer and raising further doubts about shale's prospects elsewhere in Europe.
  • Eni apparently will let its three concessions in the north of the country expire because the geology was much more unfavorable than it had anticipated.
  • Exxon, Marathon Oil and Talisman Energy already have pulled out of Poland, which was once seen as Europe's best shale prospect with substantial reserves and a friendly government; Chevron is one of few major companies still hunting for gas.
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