Chevron Pulls the Plug on Poland Shale Gas Exploration

‘Fracking in Poland dealt a seismic blow as the last big energy producer left in Polish shale extraction leaves the sector.

Energy giant Chevron has said it is abandoning natural gas exploration in Poland’s shale formations, on the same day as it announced fourth quarter earnings for 2014 of $3.5 billion, down from $4.9 billion in the 2013 fourth quarter.

Chevron’s Polish subsidiary “has decided to discontinue shale gas operations in Poland as the opportunities here no longer compete favourably with other opportunities in Chevron’s global portfolio,” the company said in a statement quoted by Reuters.’

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