Chevron to Abandon Shale Venture in Poland, a Setback to Fracking Europe

By On January 30, 2015 7:50 pm

The New York Times

By Stanley Reed

LONDON — Chevron said on Friday that it would abandon efforts to find and produce natural gas from shale rock in Poland, in perhaps the biggest setback yet to fledgling efforts to start a European shale oil and gas industry that might help replace the region’s dwindling fuel resources.

Shale development in the United States has been one of the reasons the American energy industry has experienced a renaissance in recent years — so much so that it has contributed to the global glut now depressing oil prices. But Europe, heavily reliant on imported fuel, has had trouble getting started with shale, for geological, environmental and political reasons.

Chevron announced it was abandoning the Poland project the same day the company reported that its earnings for the fourth quarter of 2014 fell by nearly 30 percent compared with a year earlier, to $3.5 billion. The company blamed lower oil prices for much of the damage.

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