Europe’s most ambitious shale gas plans were in disarray yesterday after ExxonMobil announced it would pull out of exploration projects in Poland. Poland’s lucrative reserves had spurred hopes of transforming Europe the way a shale boom has left the United States brimming with supplies.

That was until a government report revealed the country’s likely reserves were about a 10th the size of previous estimates. A spokesman for Exxon in Poland said the company had not decided yet what it would do with its exploration licences.

Poland has granted 112 shale exploration licences even as some countries, including France and Bulgaria, have banned shale exploration pending further environmental studies. – (Reuters)