PARIS, May 11 (UPI) -- U.S. oil and gas company Hess said in Paris that its experience in exploiting unconventional resource plays would boost its overseas shale portfolio.
Hess signed an definitive agreement with independent French energy company Toreador to hold jointly approximately 1 million gross acres of the Paris Basin shale play.
Greg Hill, president of worldwide exploration and production at Hess, said the move put his company on solid ground in the overseas market.
"The technology we use to produce oil in U.S. unconventional plays will have a direct application to the Paris Basin," he said. "Hess views this opportunity as an area of future growth for Hess, our partner and the industry in France."
Hess pays $15 million for the leases and plans to invest up to $210 million in the program in the Paris Basin shale oil resource.
The company said it plans to drill six wells in 2010 during the first phase of operations in the Paris Basin. Phase 2 works consists of development and appraisal activity.
The deal requires the consent of the French government.
