Norton Rose advises Nexen Petroleum UK Limited on investment in Polish Paleozoic shale play concessions
9 May 2011
International legal practice Norton Rose Piotr Strawa and Partners LP has advised Nexen Petroleum UK Limited on a transaction which sees it take a 40% working interest in ten of Marathon Oil Corporation’s Paleozoic shale play concessions in Poland.
The two organisations will combine their drilling and completion expertise to explore the potential of this substantial shale play acreage. Poland is believed to have the largest reserves of shale gas in Europe, with the potential to become a significant source of natural gas for the continent.
Norton Rose Piotr Strawa and Partners LP advised Nexen Petroleum UK Limited on the Polish mining regulations in relation to the negotiations. Nexen Petroleum UK Limited is a wholly owned subsidiary of Nexen Inc., a Canadian based energy company with operations in locations around the world.
Rafał Hajduk, a Warsaw based partner at Norton Rose Piotr Strawa and Partners LP, comments:
“This is a significant deal, not only for the Polish energy market but with ramifications throughout Europe. Shale gas remains an emerging source of natural gas in Europe, and the potential it has in Poland is particularly exciting. This deal means Nexen and Marathon can work together to explore that potential, sharing the financial risk and pooling their substantial expertise and resources.
“From our perspective, it’s another example of our global strategy to remain at the forefront of the energy sector, working with clients on projects that ensure the industry continues to innovate and develop to meet the world’s changing energy needs.”
The Norton Rose Piotr Strawa and Partners LP team was led by Rafal Hajduk (partner) with assistance from Adam Kozłowski (of counsel) and Grzegorz Filipowicz (associate).
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