Shale gas exploration is risky, according to San Leon Energy’s Director of Exploration John Buggenhagen, who spoke about assessing the prospects for shale development in Poland at Shale Gas World Europe 2011.
“If you came for answers,” he quipped, “you’re going to leave disappointed, because you’re going to leave with more questions. We are in a very early phase of the exploration here in Poland.”
Mr. Buggenhagen said he was a bit irritated with press reports that had written off Poland’s shale gas prospects. “They create fear and panic in the marketplace and that takes away everything we are trying to do in the industry.”
As an example, he showed a quote from the Economist which wrote that the geology was “less favorable” in Poland than in North America.
He continued: “I think everyone needs to ask themselves, how we’re going to get from here to commercial gas production that’s going to change the energy environment in Europe, and here in Poland locally.”
Mr. Buggenhagen explained that San Leon was a small, listed company that had built a tremendous asset base through acquisitions of companies, taking advantage of the tough market conditions. “Through takeovers of two Canadian companies and an Irish one, we’ve amassed one of the largest shale gas portfolios in Europe, and that’s significant because it’s how we’ve gone about doing this that is the first step in where shale gas is going in Poland.”
He said San Leon’s core portfolio started in Poland, that he himself had been looking into opportunities for five years and the key to that was being on the ground.
“Recent acquisitions of Realm Energy have increased our portfolio. We also have almost 2.5 million acres under application in Spain for unconventional gas; we also have significant applications in France; and we are looking at other countries as well including Morocco, where we have a tremendous shale gas position, again limited by some of the political issues.”
When one looked at the resource estimates, according to him, one saw tremendous numbers. “Just net to my company in Poland, we have the potential for more than 40 TCF of recoverable gas – those numbers are scalable throughout our portfolio. This is not just a well or a small field. This is a game changer, for everyone that’s involved here in Poland.”
European Shale Revolution Is Dead by honestsid Sun, 22 Mar 2015 15:03:22 GMT
"sort of blows you away with your old cobweb thoughts" linksdean Not just my thoughts, in fact they are the thoughts of just about everyone in the world except you and SloppyJoe and dandeman together with a small handful of other posters here ... HERE IS SOME MORE PROOF not my words so be careful what you call me :-). I know who I believe and its not the uber rampers desperate to claw back a bit of their lost cash. link
"The crash in crude oil prices a result of a glut in world oil production, dealt such plans a significant blow." " it all comes down to simple economics. Producing shale outside of the US has become uneconomic due to the prolonged oil price slump. For a large part of the US shale revolution, crude oil had been trading over $100 per barrel, which supported the costly method of developing shale oil and natural gas production." " The downturn in oil price has significantly challenged its shale business model, leaving little to no room for profitability in its upstream activities. " "it quit Poland. Poland, once advertised as Europe’s best bet for shale success."
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