By Doris Leblond
PARIS, Oct. 21 -- Vermilion REP, an affiliate of Vermilion Energy Trust, Calgary, is negotiating with Esso SAF to purchase its 90% stake in the French exploration and production unit Esso REP.
Any transaction remains subject to a definitive agreement. Esso SAF disclosed plans to sell its Esso REP interest last year (OGJ Online, Dec. 10, 2004).
Esso REP, France's largest oil producer, discovered Parentis oil field in the Aquitaine basin in 1954 and sold the field in 1997 to Vermilion REP. Esso REP produced a total of 242,000 tonnes of oil in 2004.
The operator of seven oil fields in the Aquitaine and Paris basins, Esso REP also holds nonoperated interests in two oil fields through a Paris basin joint venture with Total SA. Total owns the 10% of Esso REP not held by Esso SAF.