Chevron, the second-largest U.S. oil company, will work with Poland to help the Eastern European nation bolster its shale gas reserves as the country continues to look for ways to reduce its dependence on Russian fuel sources. Chevron is expected to drill multiple wells in Poland over the next year.
California-based Chevron (CVX) has been developing shale gas properties in Bulgaria and Ukraine. Poland's reserves of shale gas may be as much as 5.2 trillion cubic meters, Bloomberg News reported, citing a report by the U.S. Energy Information Administration.
Exxon Mobil (XOM), the largest U.S. oil company, and ConocoPhillips (COP), the third-largest U.S. oil company, are also evaluating projects in Poland.
Poland depends on Russia for 70% of its natural gas supply, but that relationship is dicey for Poland as Russia has been known to halt supply amid political disputes. If Poland could tap its entire reserve base of shale gas, it would have enough supply to power the country for three centuries and make it a net exporter of natural gas, Bloomberg reported.