Oil giants eye French shale player
Oil giants BP, Shell and Statoil are in talks to buy US-based Toreador Resources, which holds extensive assets in
France's oil shale play, according to reports.
The companies have signed confidentiality agreements with Toreador, which has a market capitalisation of $ 210 mm
(EUR 145 mm), and concluded technical due diligence on the company's oil properties.
Toreador has the right to develop 649,000 acres in the Paris basin, with a further 153,000 acres pending regulatory
approval.
Toreador believes the basin's source rock hosts an estimated 65 bn barrels of oil.
New drilling technology has opened up drilling for oil and gas in complex rock formations, including shale, which
were previously uncommercial.
In November, Toreador said it was exploring strategic alternatives, including raising capital by equity or debt
offerings, and possible partnership in the Paris basin oil shale.
