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: Weather service storm forecasts get more localized

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

Rating the planet's oceans

1 hour ago

The most comprehensive assessment conducted by the Ocean Health Index rates the Earth's oceans at 67 out of 100 in overall health. In addition, for the first time, the report assessed the Antarctic and the ...

Feds to unveil cleanup plan for nuke waste dump

3 hours ago

After nearly eight months, the U.S. Department of Energy has formalized a plan for cleaning up the federal government's troubled nuclear waste dump in southeastern New Mexico.

Climate change affecting species

5 hours ago

The Global Change and Sustainability Research Institute (GCSRI) and the Wits Rural Facility (WRF) hosted a top climate change scientist, Professor Camille Parmesan, who delivered a talk to staff, students ...

User comments : 0