Chevron has decided to abandon shale gas exploration in Poland, considering that "the opportunities [in Poland] no longer compete favourably with other opportunities in Chevron's global portfolio". The company's quarterly results suffered from a 30% decreased compared to the fourth quarter of 2013, and falling oil prices are forcing Chevron to cut spendings. The company plans to invest US$35bn in 2015, 13% less than in 2014.
Many companies were attracted by shale gas reserve estimates published by the US EIA in 2011 (potential estimated at 5 300 bcm); hopes faded when national estimates scaled down potential reserves to a range of 346 bcm-768 bcm. In April 2014 PGNiG and Chevron Polska had signed binding agreements on the terms of their potential collaboration on shale gas exploration projects in Poland. The companies would have created a 50-50 joint venture to obtain four licenses in south-eastern Poland: Tomaszów Lubelski and Wiszniów-Tarnoszyn from PGNiG, and Zwierzyniec and Grabowiec from Chevron. Chevron's decision is a major blow to Poland's shale gas policy and follows a series of withdrawals, such as ExxonMobil in 2012, Marathon Oil and Talisman Energy in 2013, and Eni in 2014. Total decided not to renew its licence which expired in March 2014.
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