Doris Leblond
OGJ Correspondent
PARIS, Feb. 29 -- The exploration and production division of Gaz de France was a major contributor to the group's 2007 record profits, said Chairman and Chief Executive Jean-Francois Cirelli at the company's press conference Feb 27.
Although production this year fell by 3% from 2006 volumes to 42.4 million boe, its increase in the second half will spill over into 2008, as new fields were commissioned in the UK's Minke field; Norway's Njord, Fram, and Snohvit fields; and in the Netherlands. In 2008, production should average about 50 million boe.
Proved and probable reserves in 2007 amounted to 667 million boe, compared with 685 million boe on Dec. 31, 2006. This figure includes 24 million boe discoveries, extensions, net acquisitions, and reserves revisions but does not include the reserves at Touat in Algeria, which should be included in 2008.
Investments in organic growth, excluding exploration, rose to €538 million at December 2007 from €479 million at yearend 2006. Last year 13 wells were drilled, 8 successfully, including 4 in Norway, 2 in the Netherlands, 1 in the UK, and 1 in Ivory Coast. Investments were backed by an 11% increase in the E&P spending program to €689 million.
