FinMin pledges not to levy tax on shale gas extracted in Poland until 2020

By bne IntelliNews May 23, 2013

The new law on hydrocarbons is due to enter force in 2015, but the tax on shale gas produced in Poland will not be levied until 2020, according to deputy PM and minister of finance Jacek Rostowski. He stressed that the government thus wants to attract investors to Poland.

So far, the ministry of environment has granted over 110 licenses for shale gas prospecting to, among others, Chevron, ConocoPhillips, Talisman Energy, PGNiG, Grupa Lotos and Orlen Upstream.

However, Talisman and Marathon Oil have withdrawn from their Polish projects earlier this month. Media reported that investors explained their exit by, among others, lack of clear-cut tax regime and plans for the sector.

In April of 2011, the U.S. Energy Information Administration (EIA) estimated that Poland's technically recoverable shale gas resources are 187tr cubic feet (or around 5.3tr cu.m.). In March of 2012, the State Geological Institute (PIG) estimated that Poland's shale gas deposits are at least around 345-768bn m3. PIG is due to present an update to its estimates in 2014.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Shell again eyes oil, gas exploration in Bosnia

Royal Dutch Shell is again interested in oil and gas exploration in Bosnia & Herzegovina ... more

Romania's Transgaz to open branch in Moldova to speed up pipeline construction

Romanian natural gas transport company Transgaz will soon open an office in Chisinau to speed up the construction of Ungheni-Chisinau pipeline that will bring Romanian gas to Moldova’s main ... more

Russia's Rosneft sets foot in Mediterranean with $1.125bn Eni deal

Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more

Most Read

  1. KRUK REPORT: Is Ukraine changing its Donbas policies?
    9 days ago
  2. Poland rises, Croatia surprises on CEE Fast 50
    5 days ago
  3. Iraq says Russian oil deal with Kurdistan is illegal
    2 days ago
  4. Russia's trade with China up 22% to $61bn
    6 days ago
  5. UPDATED: Populist Ano scores heavy victory in Czech election, far right takes 11% of vote
    1 day ago
  1. Russia to bring in record breaking harvest of 127mn tonnes
    23 days ago
  2. Investors ask which Russian bank domino will be the next to topple
    29 days ago
  3. Eastern Europe’s blockchain revolution
    17 days ago
  4. INTERVIEW: de Villepin says Ukraine should declare itself neutral
    14 days ago
  5. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    1 month ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss