Poland to invest 12.5 billion euros in shale gas by 2020

Oct 13, 2012
A drilling rig exploring for shale gas in the eastern Polish village of Grzebowilk in 2011. Poland will invest 50 billion zlotys (15.5 billion euros) in the exploration of shale gas by 2020, said Finance Minister Mikolaj Budzanowski.

Poland will invest 50 billion zlotys (15.5 billion euros) in the exploration of shale gas by 2020, Finance Minister Mikolaj Budzanowski said Saturday.

Investment over the next two years will total five billion zlotys (1.2 billion euros, $1.6 billion), which includes a 409-million-euro shale gas deal agreed in July by five Polish energy and mining groups, Budzanowski told the press.

"With the Russian gas accord terminating at the end of 2022, we must be well prepared to noticeably boost the exploitation of our own gas fields three years earlier," he said, adding that state money as well as private investment would be involved.

Poland which has a population of 38 million has extractable shale gas deposits estimated at 1,920 billion cubic metres, according to an official report published in March.

The National Geological Institute (PIG) said Poland's deposits are the third largest in Europe after those of Norway and the Netherlands.

Its extraction could make the country independent of Russian imports.

Poland burns 14 billion cubic metres of gas a year, two-thirds of which come from Russia.

The government expects extraction to begin in 2014.

The gas is extracted from rock through or fracking, the drilling of underground shale by injecting chemicals and water to release the trapped natural gas.

Opponents say it causes pollution of the ground water but energy groups say it provides access to considerable and drives down the price.

Explore further: Study to inform Maryland decision on "fracking"

add to favorites email to friend print save as pdf

Related Stories

Polish report: shale gas extraction not harmful

Mar 02, 2012

(AP) -- A scientific study in Poland has found that shale gas extraction at one site produced some toxic refuse but that the waste was reused and didn't harm the environment.

Romania to review moratorium on shale gas

Jun 22, 2012

Romania will review its stand on shale gas when a drilling moratorium expires in December and align itself with a future joint EU position on the controversial issue, Prime Minister Victor Ponta said Friday.

English tremors blamed on shale 'fracking'

Nov 02, 2011

(AP) -- The only company in Britain using hydraulic fracturing to release natural gas from shale rock said Wednesday that the controversial technique probably did trigger earth tremors in April and May.

Recommended for you

NASA image: Signs of deforestation in Brazil

13 hours ago

Multiple fires are visible in in this image of the Para and Mato Grosso states of Brazil. Many of these were most likely intentionally set in order to deforest the land. Deforestation is the removal of a ...

Sunblock poses potential hazard to sea life

14 hours ago

The sweet and salty aroma of sunscreen and seawater signals a relaxing trip to the shore. But scientists are now reporting that the idyllic beach vacation comes with an environmental hitch. When certain sunblock ...

Is falling recycling rate due to 'green fatigue'?

15 hours ago

It's been suggested that a recent fall in recycling rates is due to green fatigue, caused by the confusing number of recycling bins presented to householders for different materials. Recycling rates woul ...

Study to inform Maryland decision on "fracking"

17 hours ago

The Maryland Department of Environment and Department of Health and Mental Hygiene released on August 18, 2014, a report by the University of Maryland School of Public Health, which assesses the potential ...

User comments : 0