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Poland PGNiG Begins Production At Lubocino Shale G

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WARSAW -(Dow Jones)- Polish gas monopoly PGNiG SA (PGN.WA) has begun technical production of natural gas from its shale gas concession in Lubocino, a village in northern Poland, and plans successive drilling as the company hopes to tap the country's potentially vast unconventional hydrocarbon reserves, it said in a statement Sunday."The Lubocino - 1 hole... now has a constant flair," PGNiG said.Outside the U.S., Poland is the first country where companies are making a serious effort to develop shale gas, which Polish Prime Minister Donald Tusk has called the country's "great chance," as it could reduce Poland's dependence on Russia for gas, create tens of thousands of jobs and fill state coffers.PGNiG now plans to drill horizontally and conduct further fracturing procedures on this concession, which may be completed in 10-20 months and will enable commercial extraction.Poland has recoverable shale gas resources of 5.3 trillion cubic meters--equivalent to more than 300 years of the country's annual natural gas consumption, the U.S. Department of Energy reported previously."If the work goes according to plan, trial production could be possible in the second half of 2013, with commercial production starting in 2014," PGNiG said.Poland's ruling party, which faces a parliamentary election Oct. 9, said in a newly unveiled four-year program that it would put expected shale gas revenue in a demographic fund ensuring future pensions.The country's Treasury Ministry owns a 72.43% stake in PGNiG, which has 15 shale concessions across the Baltic coast through the Lubelskie province to the country's south-eastern border with Ukraine."The company also holds a dozen or so concessions where tight gas is expected to be present," PGNiG said.Its tight gas concessions are located in the area of Poznan, a city in western Poland.Read more: https://www.foxbusiness.com/industries/2011/09/19/poland-pgnig-begins-production-at-lubocino-shale-gas-concession/#ixzz1YSXK7cOg