FRANCE'S UPSTREAM SECTOR SLIDES; NO RECOVERY SEEN

France's exploratory drilling fell to its lowest level in 30 years in 1993, dropping 22% from the year before to only seven wells. Seismic work in France in 1993 reached its lowest level since 1950. Exploration spending fell 17% from the prior year to 542 million francs in 1993 and is projected to fall further to 537 million francs this year. Development drilling was halved to nine wells drilled in 1993. Production spending dropped 22% to 680 million francs in 1993 and is projected to fall

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