Armed with knowledge from its 2009 JV with Quicksilver Resources in the Barnett shale, Italy-based Eni SpA is entering the European unconventional gas area by agreeing to acquire Minsk Energy Resources and become operator of three licenses in the Polish Baltic Basin. The acreage is located in the northeast of Poland and consists of 1,967 square kilometers. Drilling operations are expected to start in 2011, with a total exploration commitment of 6 wells.
The company plans to operate the licenses using the knowledge acquired through its joint venture with Quicksilver Resources in the Barnett Shale in Texas. In May 2009, Eni paid $280 million to acquire a 27.5% interest in a 13,000 net acre area, located between the cities of Fort Worth and Dallas in Northern Texas.
Through this agreement Eni makes its entrance into European unconventional gas, in line with the company's strategy of expanding its position in unconventional resources.
Source: Press release
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Readers with an interest in learning more about the activities of Eni, Total, Shell and other majors in european shales, may wish to visit www.shalegasforeurope.com Shale Gas Europe
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