Chevron Secures Shale Exploration Rights in Poland
In a filing with the Securities and Exchange Commission Thursday, Chevron, the second-largest U.S. oil company, confirmed that it has secured exploration rights for an additional Polish shale gas concession, although the size of the acreage was not divulged.
The oil major is joining such industry heavyweights as ExxonMobil and ConocoPhillips in tapping Poland's shale plays to help meet growing demand for gas supplies in Europe.
Noted in the annual report, Chevron has acquired rights to explore for natural gas in the Grabowiec concession, located in the southeastern part of Poland.
The confirmation follows Chevron's announcement in December that the company was awarded three five-year exploration licenses for the Zwierzyniec, Kransnik and Frampol concessions, also located in Poland, to explore for unconventional gas resources, Dow Jones reported.
In December 2009, the Environment Ministry of Poland granted Chevron permission to carry out seismic studies and exploratory drilling up to 3,500 meters underground, as well as to develop shale gas resources.