Total Pulls Out of Polish Shale Scramble

GALWAY, IRELAND--April 23, 2014 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) France's Total S.A. (NYSE:TOT) (Paris, France) has become the latest oil and gas exploration company to pull out of Poland's emerging shale gas sector.

The company has decided not to renew its single shale gas exploration licence in Poland citing results from geological and site surveys. A government spokesperson also cited new legislation that forces companies to pay for site licences even if they are not being used.