Exploration & Production | Deals - Joint Ventures | Top Story
Chevron, PGNiG to Develop Polish Shale Gas; May Form New Company
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Chevron will be joining with local state-controlled gas company PGNiG in Poland in shale exploration, according to a report by Reuters.
This is the first time a Polish and foreign company have cooperated in shale gas exploration in Poland. The local cooperation is expected to help with access to exploration licenses as well as better relations with local authorities.
If the cooperative venture is successful the two companies may proceed with the formation of a joint company with 50 percent stakes. This would bring together two licenses from PGNiG and two from Chevron.
Poland is increasingly looking to exploit shale gas reserves due to its dependance on Russia for natural gas. Complications with regulation and poor drilling results have forced some global companies to exit Poland. Domestic Polish companies have been viewed historically as reluctant to cooperate.