Toreador's subsidiary, Toreador Energy France and its partner, Hess Oil France SAS, (Partners) along with select other energy industry companies in France, met with France's Ministry of Environment and the Ministry of Energy to discuss the government's decision to instruct the General Council of Industry, Energy and Technology (CGIET) and the General Council on the Environment and Sustainable Development (CGEED) to undertake a study to determine the economic, social and environmental impact of both shale oil and shale gas development in France.
The Ministers provided Toreador and Hess an opportunity to present what the Partners believe are the material positive benefits that tight rock oil development in the Paris Basin would have both regionally and nationally in France. Marc Sengès, CFO of Toreador and President of Toreador Energy France, spoke on behalf of the Partners and made the following points:
Following a constructive discussion held with the Ministers during the meeting, Toreador and Hess have concluded the following:
Craig McKenzie, President and Chief Executive Officer of Toreador, said, "We fully support the responsible approach the Ministry of Environment and the Ministry of Energy are undertaking with the CGIET-CGEED study. As a longstanding, established operator in France, Toreador welcomes higher standards to ensure all operations are prudent and compliant and deliver net economic and social benefits. Simply put, this is why we chose Hess Corporation as our partner."
Added McKenzie, "It is important to bear in mind that our project represents a renaissance for the Paris Basin oil industry. What we are pursuing is not oil shale, which is essentially strip-mining, nor is it gas shale. We are focused on determining the commercial viability of recovering oil from tight rock within the Liassic shale in the Paris Basin (2,300 to 3,000 meters of depth). We note the joint Ministry press release issued on February 11, 2011 that Vermilion Energy Inc. is currently producing approximately 63 barrels of oil per day from two previously stimulated vertical wells in the Liassic shale. From the company's past reports we understand one well was stimulated about a year ago and the other last fall. We view this as very positive data indeed, which supports the concept that the Liassic section can sustain oil production."
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