‘Shale gas can work for Poland’

A report earlier this year from the US Energy Information Administration estimates that Poland has shalse gas reserves amounting to 5.3 trillion cubic metres. If the figures are accurate, then Poland could depend on its own resources for 200 years, according to some sources.

Yet while the ongoing search for shale gas continues, it is still not known whether the million-dollar investments will be recoverable. However, Michael Sessums, an economic advisor at the US Embassy in Warsaw, told thenews.pl that “shale gas works for the United States, and shale gas can work for Poland.”

There is also concern that the methods used to drill for shale gas, as well as its extraction, known as ‘fracking’, could cause environmental damage on an as yet unseen scale.

Iwona Chojnowska-Haponik, director of the foreign investment department at the Polish Information and Foreign Investment Agency, realises that there needs to be greater awareness about what the consequences of drilling are.

Meanwhile, US President Barack Obama’s visit provided an opportunity to do business, with a couple of initiatives decided upon in Warsaw, including a ‘business round-table’ proposed by Obama as well a push for an innovation fund from Polish Prime Minister Donald Tusk.

The United States are “pioneers” in the Polish market and “continue to invest 1 billion euros per year,” Chojnowska-Haponik told thenews.pl.

Shale gas itself is only a fraction of US investment in Poland. Slawomir Majman, head of the Polish Information and Foreign Investment Agency told thenews.pl that “according to various statistics, the total value of US investments is between 20 and 30 billion US [dollars].”

While the US is fifth on the list of countries which invest in Poland, it is the Netherlands which comes out top, with 22.9 billion euro invested in the country since 1993. (jb)