Sorgenia Buys into Polish Shale Gas

Source: Reuters 12/15/2010, Location: Europe

Sorgenia, the Italian energy company owned by holding company CIR SpA, has bought a nearly 27 percent stake in a joint venture for the exploration of shale gas in Poland, a CIR spokesman said.

Sorgenia's partners in the joint venture Saponis Investment are Canada's BNK Petroleum Inc., Australia's Keynes and Austria's RAG.

The overall area of the three licenses the joint venture owns in the Polish Baltic Basin is 2,800 square km, making it one of the biggest players in the area together with ConocoPhillips and Talisman, a source close to the deal told Reuters.

In December, Italian oil and gas group Eni reached an agreement to buy Minsk Energy Resources and become operator of 3 licenses in the Polish Baltic Basin, a highly prospective shale gas play.

Sorgenia paid 1.5 million euros ($2 million) to buy the 27 percent stake in Saponis, the source said.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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