PGNiG signs $510m shale deal

Warsaw partnership: Four companies agree to weigh in on PGNiG shale exploration

Polish explorer PGNiG has teamed up with four other state companies to mount a $510.5 million shale gas exploration campaign in northern Poland.

The gas monopoly’s partners in the venture are copper miner KGHM and Poland's three largest utilities - PGE, Tauron and Enea.

Representatives of the quintet in Warsaw put pen to paper on the consortium on Tuesday, the explorer announced.

The deal, which had been rumoured in recent months, is thought to be partly as a result of government pressure on companies to intensify shale gas development efforts.

The size of the costs and risks involved have forced the Treasury, which oversees state assets, to seek extra capital outside exploration players PGNiG, PKN Orlen and Lotos.

"We will not achieve success in…

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