Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Commodities  >  LME Copper Cash       

End-of-day quote. End-of-day quote  - 09/02
5090.5   -0.09%
09/02DJCopper Closes Higher, Bounces Back Ahead of Chinese Holiday
09/02DJCopper Prices Rise Ahead of Holiday in China
09/02DJCopper Rises Ahead Of China Holiday
SummaryChartsNewsAnalysis 
News SummaryAll news 

Cuadrilla Resources Gets Poland Shale Exploration License

11/21/2012 | 10:04am US/Eastern

By Ben Winkley

LONDON--Cuadrilla Resources said Wednesday it has won a contract to explore for shale gas in a pocket of east-central Poland, the country at the center of European efforts to rival the success of the U.S. shale boom.

The closely-held explorer, which in 2011 found itself in the spotlight when environmental concerns forced it to suspend its U.K. operations, said it will undertake seismic work in the first quarter of 2013.

The Pionki Exploration License covers some 827 square kilometers of east-central Poland. In a statement, Cuadrilla said the shale appears similar in age and potential to that at its U.K. license.

Poland wants to exploit its shale gas reserves to reduce its reliance on natural gas imported from Russia, and to build gas-fired power plants to diversify away from coal as the primary source of its electricity. In the U.S., shale gas accounts for 10% of the overall U.S. supply and is expected to save the U.S. from spending $100 billion a year on imported liquefied natural gas.

The Polish government has encouraged state-controlled firms, led by gas firm PGNiG SA (PGN.WA), to do exploration drilling, mostly in Poland's north and east, after Exxon Mobil Corp. (>> Exxon Mobil Corporation) pulled the plug on its efforts there in June.

Progress has been frustratingly slow, however, with shale gas-focused companies learning to navigate a bureaucracy that hasn't shaken off the cumbersome legacy of its communist past.

But Wednesday, the Polish government confirmed its commitment to the search for shale, saying it will continue to drill despite objections raised by some members of the European Parliament and calls for a European Union-wide moratorium on the rock fracturing technology used in production. Some would like to see the hydraulic fracturing technology, known as fracking, banned on environmental grounds.

-Marcin Sobczyk and Marynia Kruk in Warsaw contributed to this item.

Write to Ben Winkley at ben.winkley@dowjones.com

Corrections & Amplifications

This item was corrected at 11:21 a.m. EST because it misstated the year as 2012 in which Cuadrilla suspended its U.K. operations in the second paragraph. Drilling was suspended in 2011.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Exxon Mobil Corporation
React to this article
Latest news on LME COPPER CASH
09/02DJCopper Closes Higher, Bounces Back Ahead of Chinese Holiday
09/02DJCopper Prices Rise Ahead of Holiday in China
09/02DJCopper Rises Ahead Of China Holiday
09/01DJCopper Falls on Worries Over Weaker Global Factory Activity
09/01DJCopper Drops on Weaker Chinese Manufacturing Data
08/31DJCopper Down on China Demand Fears
08/31DJCopper Prices Fall on Renewed China Worries
08/28DJCopper at Two-Week High as China Fears Subside
08/28DJCopper Prices Climb Higher as China Fears Abate
08/27DJCopper Rallies 4.2%, Largest Percentage Increase Since May 2013
Advertisement
Chart
Duration : Period :
LME Copper Cash Technical Analysis Chart | 4-Traders