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President of ORLEN Upstream at the 5th Economic Ring

03-04-2012  News

On March 26th, 2012 the 5th Economic Ring organized by Forbes and Newsweek Poland took place in Warsaw. The event consisted of two panel discussions devoted to the issue of shale gas. The co-organizers of the meeting included among others PKN ORLEN.
 
Participants of the fifth edition of the Economic Ring were faced with questions about the chances of shale gas exploration and production in Poland. The first panel focused on the theme: "Poland as a second Kuwait - what are the opportunities and threats to that vision?". The panel was to a large extent related to the recently published report of the Polish Geological Institute regarding the volume of shale gas resources in Poland. In the second, panel the participants discussed how these potential natural resources can be business effective. Forecasts about how much and at what cost shale gas may appear on our market were also made. In this part the voice was cast mainly to the representatives of companies engaged in exploration and production of hydrocarbons.
 
The panelists discussed the future of exploration and production of unconventional gas from deposits in Poland. The President of ORLEN Upstream – Mr. Wieslaw Prugar also participated in this debate. He argued that Poland has a considerable potential in terms of shale gas reserves - "It is enough to change the situation on the gas market, bring in competition, lower prices and diminish the dominance of long-term contracts" - he said. Additionally, Mr Prugar emphasized that the exploration is at a very early stage, and estimates presented so far are not definitive because the geological image of Poland can be fully recognized only after a number of wells have been drilled which in turn must be preceded by detailed geological analyses. President Prugar concluded: "We must consider how to create a regulatory and legal environment that will attract sufficient capital and allow safe production of gas so that we in a reasonably short period of time can see results, which we all hope to achieve".
 
The main goal of the Economic Ring is to bring together prominent economists, analysts and business professionals. The event is a well-recognized forum of exchaning views on both Polish and world’s economy on the macro scale.

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