Total, ExxonMobil sign agreement to search for shale gas in Poland

13 May 2011 16:38  [Source: ICIS news]

LONDON (ICIS)--French oil company Total has signed an agreement with ExxonMobil to acquire an interest in the exporation of shale gas in Chelm and Werbkowice, Poland, it said on Friday.

US-owned ExxonMobil will hold a 51% stake in the agreement with Total taking the remaining 49%. The deal is subject to approval from the Polish authorities.

The concessions will allow the companies to explore the areas for a period of five years, from March 2009 for Chelm and five years from December 2008 to access Werbkowice.

The work programme for each region means the companies can acquire seismic data, drill exploratory wells and undertake production tests.

ExxonMobil has already performed seismic acquisition works as well as drilling an exploratory well in the Chelm region.

Financial details of the agreement were not immediately available.

For more on Total, ExxonMobil visit ICIS company intelligence

By: Tanzeel Akhtar
+44 208 652 3214

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