• Sars Wars returns

    Allan Greenblo looks at the leadership concerns around the 'Twin Peaks' regulatory model.

  • Inside Labour

    When unions later this year start to demand double digit pay rises, don't be surprised, says Terry Bell.

  • Anti-nuclear group

    ANC general secretary Gwede Mantashe rebukes those who feel SA can't afford nuclear power.

All data is delayed
Loading...
See More

Poland to pump €15.5bn into shale gas

Oct 14 2012 17:48
AFP
Warsaw - Poland will invest 50bn zlotys (€15.5bn) in the exploration of shale gas by 2020, Finance Minister Mikolaj Budzanowski said on Saturday.

Investment over the next two years will total 5bn zlotys (€1.2bn), which includes a €409m 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 shale gas 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 hydraulic fracturing or fracking, the drilling of underground shale rock formations 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 gas reserves and drives down the price.

* Follow Fin24 on Facebook and Twitter.


fracking  |  shale gas

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The regulation of WhatsApp and other OTTs is:

Previous results · Suggest a vote

Loading...