- Chevron (CVX -0.4%) signs a preliminary deal with Poland’s PGNiG that may lead to the joint exploration for shale gas in the country.
- If exploration proves successful, the companies would set up a 50-50 joint venture that would take in CVX’s two licenses in the southeast of the country and PGNiG’s pair in the same region; the collaboration is intended to increase economies of scale by sharing risk and exploration cost.
- Poland is the most advanced European country in its shale gas production effort, but Exxon and others have departed amid unclear regulations and mixed well results.
Chevron, Poland's PGNiG to cooperate on shale gas exploration
Dec 12 2013, 11:25 ET