France's E&D spending seen to triple from low point

Exploration and development investment should improve markedly this year in France after sliding to a low point in 2002.Expected outlays are 14.2 million euros, up from 4.37 million euros in 2002. Spending is to rise to 6.37 million euros from 1.47 million euros in the Paris basin and offshore Western Approaches and to 5.19 million euros from 440,000 euros in the Aquitaine basin.Production spending is to rise to 51.4 million euros this year, almost evenly split between Aquitaine and Paris basin fields. Production spending fell 43% to 29.9 million euros in 2002, when only four wells were drilled compared with 24 in 2001, all in the Paris basin. France's offshore areas are thought to ha...

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