Exxon mobile has been working hard to clean up their fracking plans. Despite their hard work, things happen, and things don’t always go according to plan. The Trefis Team explains Exxon’s hiccup in their fracking plans.
Exxon has been particularly interested in exporting the shale gas expertise it gained with the acquisition of XTO Energy in 2010 to foreign shale deposits. In Europe, shale exploration is facing stiff resistance from environmentalists, who have succeeded in banning the process of hydraulic fracturing in countries like France. Poland, which sits on enough shale deposits to meet domestic gas demand for more than three hundred years, has been more open to exploration to reduce dependence on imported gas.  Presently two thirds of the country’ gas demand is met by imports from Russia, at prices nearly six times the U.S. benchmark for natural gas.
Poland has been a hot spot for oil men over the past year. Exxon is trying to get in on the fracking opportunity. Let’s hope they can readjust and make their original plan work.