Last foreign player pulls out of Polish shale gas
US energy company ConocoPhillips 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 June 5 2015 that 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.
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(Archive photo: Marcellus Shale rig and gas well operation in Scott township, Lawrence county in Pennsylvania: wcn247/flickr.com)