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Gold/Mining/Energy : Lundin Petroleum LUPE Sweden -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (501)	5/6/2004 3:41:23 PM
From: Tomas	Read Replies (1) \| Respond to of 646

Busy E&P year planned in France, its possessions Oil & Gas Journal, last week's issue Continuing high oil prices have improved the attractiveness of France's E&P scene. Operators are showing great willingness to drill this year, noted Carole Mercier, head of Hydrocarbon Exploration-Production at the Industry Ministry. "The trend was already noticeable in 2003 when investments picked up after the historical investment low of 37 million Euros in 2002. E&P investments grew to 50 million Euros in 2003 and should jump to 71 million Euros in 2004. Besides continental France, activity is planned in French overseas territories. Paris basin Interest remains surprisingly constant in the Paris Basin despite its mature status. Six wells to be sunk to 2,500-3,000 m and six shallower wells are scheduled. Aquitaine Significant investments are due in the Aquitaine basin, where costs are higher than in the Paris basin. Esso REP's Les Pins 5 development well on Permis de Lege, southwest of Les Arbousiers, went on production at the end of 2003 and is slated to become France's most productive well at 1,100 b/d. Oil, gas production Workovers in old fields, reopening of depleted fields to try new interpretations, and new development wells retarded production decline in France's main oil fields. Production fell 7% last year to 24,000 b/d but should increase this year with new activity. France's oil comes 55% from the Paris basin and 44.5% from Aquitaine. Esso Rep, Total E&P France, and Vermilion Rep each account for 25% of overall production, while Lundin Oil 13.6%, Madison Energy France 4.25%, and Geopetrol 4.8% held their 2003 production rate at the 2001 level. Two old fields produce 22% of France's oil. Esso Rep's Chaunoy field remained in 2003 at the high level of 2,540 b/d, and Vermilion Rep's 45-year-old Parentis concession in the Aquitaine basin yielded 2,940 b/d. ...