European Shale Gas Prospects Heat Up
Shale gas prospects in France have been recently highlighted with reports that several big energy player are in initial discussions to buy or partner with Toreador Resources Corporation. Torreador's primary asset in the Paris Basin, is estimated to hold about 30 billion barrels of oil. Royal Dutch Shell plc, BP plc and Statoil ASA have been reported to have have signed confidentiality agreements with Toreador and concluded technical due diligence on the firm’s oil properties.
Eurenergy Resource Corp. is a player in East Paris Basin of France and has been awarded 1.3 million acres in its Moselle concession. "There is much shale gas in France," said Francois Laurant, in charge of shale gas at Institut Francais du Petrole.
In addition to the Paris Basin, companies are seeking permits for shale gas prospects in southeast France in Languedoc Roussillon, the Cevennes mountains region, and the Savoie area near the Swiss border.
Total E&P France SA, UK Devon, Mouvoil SA, Bridgeoil Ltd., and Diamoco Energy are among the firms competing for the Ales, Bassin d'Ales, Plaine d'Ales, and Montelimar permits. They are competing with the Cevennes and Navacelles permits requested in 2008 by Egdon Resources Ltd. (also being eyed by Eagle Energy Ltd. and YCI Resources Ltd.), and by Cevennes Petroleum Development Ltd. East Paris Petroleum Development Ltd. requested the Moselle permit in Lorraine, in northeastern France, targeting both shale gas and coalbed methane.
Charles Lamiraux, chief geologist at France's Environment and Energy Ministry in charge of exploration, said while targeting shale gas, companies could well find conventional gas and heavy oil.
Oil & Gas Journal: "European Shale Gas Prospects Heat Up"