Non-conventional Oil and Gas and Europe Review
The second quarter of the year 2010 has proven profitable for the unconventional fuel resources in Europe, as green fuel stocks for both oil and gas have climbed up in the past months, and more and more companies have been taking notice.
Marathon Oil is a Poland-based company who has been dealing in shale gas and numerous other unconventional fuels over the years. The ambitious company has been adding more licenses to its already booming expanses, and are in possession of over 2 million acres that are primed and ready for development and exploration. In addition to that, the company is shopping around for more land in Poland, following its massive purchases by extensive seismic and geological research, and it is now looking for new partners to help in the developing of all of that space.
Chevron is another company that have been exploring Poland for its rich shale reserves. The company has over a million acres in its hands, and is also currently looking to expand its already impressive acreage. It has purchased 3 onshore areas of development in the country in the second quarter alone, and with that recent purchase totalling over 675,000 acres, it is clear that Chevron are looking to push themselves into the forefronts of Polish shale exploration. The company have set up plans to complete all research and begin drilling by next year.
Hess Corporation along with Toreador Resources has developed large-scale plans of fully exploring the shale reserves in the basin of Paris in France. The project will handle roughly 1 million acres in the area, with upwards of six wells to be drilled. With $65 million invested in the region, Hess Corp. is expecting to begin full development by the beginning of the year’s fourth quarter. The Paris basin has seen comparisons to the highly profitable and shale gas-rich Bakken region in North Dakota that has experienced a massive economic boom a few years ago.
Exxon Mobil, one of the nation’s oil giant is exploring Germany and Poland along with many other opportunities. While their plans for Germany have already progressed past oil well drilling, the company’s standing in Poland is still in early developmental stages.
As the companies in Europe move along with all the necessary research, stringently evaluating the continent’s geological and seismic capacities, full-scale plans of delving into European shale reserves are well underway, and if the progress appears to be slower than expected, it is only the rightfully pedantic nature of the industry that is to blame.