Total drops Poland shale license, says not economically viable

Total (TOT) says it is not renewing its shale gas exploration license in Poland, despite the presence of gas, concluding that the area it has been exploring near the Ukraine border is not economically viable.

TOT says Poland remains a promising country for shale gas, but "the exploration process is in its infancy and the industry needs more data and time to understand the geology of Polish sedimentary basins."

Exxon, Marathon Oil and Talisman Energy are among major oil explorers which have pulled out of Poland after disappointing initial drilling results, while Chevron (CVX) and ConocoPhillips (COP) still operate in the country.

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