Five Polish state-controlled companies Wednesday joined forces to look for shale gas in northern Poland and invest up to PLN 1.72 billion zlotys in the project, the companies said in separate market filings Wednesday.
Gas giant PGNiG, copper group KGHM and power groups Tauron, PGE and Enea signed a cooperation agreement on shale gas exploration and extraction within PGNiG's Wejherowo license on the Baltic coast, planning PLN 1.72 billion outlays in the first three pads, the statements said.
The agreement provides for the creation of a special-purpose vehicle to operate extraction after a successful phase of exploration.
PGNiG signed letters of intent with power groups PGE & Tauron and with copper giant KGHM on prospective cooperation in shale gas exploration projects on January 25, 2012. Enea joined the alliance on April 24.
PGNiG is in talks on potential cooperation also with fuel group PKN Orlen and welcomes cooperation with other than energy firms on other concessions, ," PGNiG CEO Grazyna Piotrowska-Oliwa told reporters.
PKN Orlen and chemicals group ZA Tarnow could join the shale gas exploration alliance formed by PGNiG, KGHM, Tauron, PGE & Enea, Treasury Minister Mikolaj Budzanowski told public radio Wednesday morning.
According to the Polish Geological Institute Poland's shale-gas and conventional reserves together could cover up to 65 years of the country's demand for natural gas, making it less dependant on natural gas imports from Russia.
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