Monday, May 16, 2011

Total enters Poland. Total acquires 49% interest in two shale gas concessions from ExxonMobil


Total reached an agreement with ExxonMobil to farm into the Chelm and Werbkowice exploration concessions with a 49% interest, subject to the approval of the Polish authorities. Under the terms of the agreement, ExxonMobil and Total will form a partnership operated by ExxonMobil, which retains a 51% interest. The entry into these concessions reflects Total’s commitment to expanding activities in unconventional gas, notably in Europe, a growth segment of the Group.

Awarded for a period of five years from March 2009 and December 2008 respectively, the Chelm and Werbkowice exploration concessions are located in the Lublin Basin in southeastern Poland and cover 1,162 square kilometres and 995 square kilometres. The work program for each concession comprises acquisition of seismic data, drilling of an exploratory well and a production test if drilling results are encouraging. To date ExxonMobil has already performed seismic acquisition works, as well as the drilling of an exploratory well on the Chelm concession currently being evaluated.


A quick view on ExxonMobil’s shale gas licences in Poland 

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