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    Reuters: Europe shale push shaken by Exxon's Poland pullout

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Summary

Shortly after Poland shelved draft shale law publication, ExxonMobil announced it would not continue shale exploration in the country as commercial extraction was not possible with currently available technology. Other firms such as San Leon Energy however said they remained committed.

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Reuters: Europe shale push shaken by Exxon's Poland pullout

Europe's most ambitious shale gas plans were in disarray on Monday after U.S. major ExxonMobil announced it would pull out of exploration projects in Poland.

Poland's lucrative reserves had spurred hopes of transforming Europe the way a shale boom has left the United States brimming with supplies, potentially turning the Poles into net gas exporters.

That was until March, when a government report revealed the country's likely reserves were about one-tenth the size of previous estimates.

At the weekend, Exxon, which earlier this year cautioned that commercial production of Polish shale was at least five years away, said it would not go forward with exploration.  MORE 

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