Toreador to continue oil shale work in France despite fracking ban
London (Platts)--6Jul2011/742 am EDT/1142 GMT
platts.com
Paris-based explorer Toreador Resources Wednesday broke its silence on the banning by the French government of exploration of oil and gas using hydraulic fracturing techniques, saying it would continue to work to develop the resources of the Paris Basin.
France's upper house, the Senate, passed late June 30 a law banning the use of fracking in exploration for shale oil and gas.
Toreador has been through a number of incarnations, but most recently moved its headquarters to Paris to focus on developing the Paris Basin oil shale, where it says an estimated 65 billion barrels of oil are believed to exist.
Toreador CEO Craig McKenzie said in a statement Wednesday that the company's initial evaluation activity at its Paris Basin licenses would not involve fracking.
"It is important to note that our plan to evaluate our exploration licenses does not call for hydraulic fracturing," McKenzie said. "We will not conduct hydraulic fracturing operations within any of our permit areas. We will make full disclosures and representations to the French regulatory authorities as may be required."
He went on to say work would not stop because of the ban.
"Notwithstanding the new law, we believe the oil resource potential of the Paris Basin can create jobs, provide local economic development, generate substantial revenues for the state and benefit all stakeholders," he said.
"We reaffirm our commitment to define and develop this basin to reach its potential for all stakeholders, in compliance with French legislation and through cooperation with French authorities."
France has been at the center of the debate in Europe about the dangers of fracking.
Certain parts of Germany have also banned fracking, while in the UK an investigation is under way to examine whether fracking resulted in small earth tremors in the northwest of the country.
The Dutch government has said it would await the outcome of UK probes into fracking before allowing any exploration to take place there.
Only in Poland has fracking begun in earnest.
--Stuart Elliott, stuart_elliott@platts.com
---
Toreador Comments On Recent Developments In France
By Business Wire 07/06/11 - 02:00 AM EDT
thestreet.com
Toreador Resources Corporation (NASDAQ:TRGL) (Paris:TOR) today commented on the recent French law, voted on June 30, 2011, banning the use of hydraulic fracturing for oil and gas extraction.
Craig McKenzie, President and CEO of Toreador, said, "As a longstanding operator in France, we have demonstrated our expertise and ability to conduct our Paris Basin operations in full respect of the environment and local residents where we operate. Notwithstanding the new law, we believe the oil resource potential of the Paris Basin can create jobs, provide local economic development, generate substantial revenues for the State and benefit all stakeholders. We reaffirm our commitment to define and develop this basin to reach its potential for all stakeholders, in compliance with French legislation and through cooperation with French authorities."
Added McKenzie, " It is important to note that our plan to evaluate our exploration licenses does not call for hydraulic fracturing. We will not conduct hydraulic fracturing operations within any of our permit areas. We will make full disclosures and representations to the French regulatory authorities as may be required”.
Concluded McKenzie, “As we recently outlined at our annual shareholder’s meeting, the company has been able to significantly advance its assessment of traditional exploration and development opportunities across its entire Paris Basin portfolio. It is our goal to bring these plans forward and to take the operational and strategic steps to create long-term value for our shareholders.”
ABOUT TOREADOR
Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of crude oil. The company holds interests in developed and undeveloped oil properties in France. More information about Toreador may be found at the company's web site, toreador.net. |
