Conoco Stops Shale Gas Exploration in Poland

ConocoPhillips, the U.S. energy company, is withdrawing from shale gas exploration in Poland as it has not encountered commercial volumes of the gas, the company said on Friday.

ConocoPhillips (COP) said its subsidiary Lane Energy Poland has invested around $220 million in Poland since 2009. It drilled seven wells over its three Western Baltic concessions.

"Unfortunately, commercial volumes of natural gas were not encountered," Tim Wallace, ConocoPhillips country manager in Poland, was quoted as saing in a statement.

ConocoPhillips was the last major oil company looking for shale gas in Poland, after Chevron (CVX) withdrawal at the start of this year.   

(Reporting by Agnieszka Barteczko)