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The outlook for exploration and development operations in France is brightening.
The French government has launched a two pronged program in association with local oil companies to boost domestic exploration. The move was sparked by the lesson of the Persian Gulf crisis, which underscored the need for France to boost development of its hydrocarbon resources.
With that in mind, the French oil industry association UFIP has called for more government action to boost domestic oil and gas exploration and development. Noting that French E&D capital spending had fallen to 1.5 billion francs in 1990 from a peak of 3.2 billion francs in 1985, UFIP urged France's national and local governments to ease taxes on oil companies and expedite approvals of exploration permits.
Meantime, one leading French independent rates France's petroleum potential as attractive despite a difficult operating climate for oil companies. Petrole Saint Honore (PSH), Paris, plans an aggressive domestic exploration campaign with funding from France's Rothschild Group.
And Triton Energy Corp., Houston, the first U.S. independent awarded an exploration permit in France, in 1980, plans to continue an aggressive E&D program in France during 1991-92.
In addition, Garnet Resources Corp., Houston, has obtained government approval for its Toury oil and gas exploration permit in the Paris basin. Garnet will have a 100% interest in the 4 year, 132,000 acre permit in the southwestern portion of the basin.
The first French program, …