Business

Can France provide itself with oil?

The rise in price of oil to $ 100 per barrel forced investors to take a fresh look at the prospects for oil production in France. Oil is produced here in Aquitaine, Alsace and near Orleans. The peak of production occurred at the end of the 80s of the last century, but then the cost of oil production exceeded revenues from its sale. At current prices for “black gold” these wells can become profitable: “We produce about 50 thousand tons of oil per year, this is enough to put 10-12 thousand cars on the road. We hope that by re-opening the wells, we can double these numbers, “says well manager under Orleans Emmanuel Mousse.

However, this is nothing more than a drop in the ocean. All that is mined in French fields is enough for the country for about 5 days. In 2006, France consumed oil at 1.97 million barrels per day, and production at 21.5 thousand barrels.

Proven oil reserves in France are quite large – 122 million barrels. Nevertheless, investments in their development, taking into account the cost of labor and compensation for environmental damage, can be huge. Like many other countries in Western Europe, France prefers to export technology and import raw materials. Now its main oil suppliers are Norway, Russia and Saudi Arabia.

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