POLISH DREAM MURDER
The toll of failure in the Polish shale gas experience continues to mount with the departure of the last major.
ConocoPhillips announced on is Friday that is was withdrawing from shale gas exploration in Poland.
"Unfortunately, commercial volumes of natural gas were not encountered," commented country manager Tim Wallace in a statement.
The company said had drilled seven wells in its three Western Baltic concessions encompassing approximately 500,000 acres, investing approximately $220 million through its subsidiary Lane Energy Poland since 2009.
In January of this year, Chevron Corp, the leader in multinational efforts to develop shale gas resources in Europe, announced that it would not continue operations in Poland.
Earlier Exxon Mobil, Marathon, ENI SpA, Talisman Energy and Total SA, packed their bags and left Poland amid challenging geology, bureaucratic entanglements, delays in establishing fiscal and regulatory reforms, all topped off by significant downgrades in the estimates of shale gas reserves.
The departure by ConocoPhillips leaves domestic state-backed players players such as a PGNIG and PKN Orlen to keep the Poland's diminishing shale dream alive.
|March, 16, 10:40:00|
|March, 16, 10:35:00|
|March, 16, 10:30:00|
|March, 16, 10:25:00|
|March, 16, 10:20:00|
|March, 16, 10:15:00|
BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.