HOUSTON, June 12 -- Gaz de France SA has farmed into 12 Texaco Inc. exploration licenses in the UK North Sea and plans to drill 12 wells on those licenses by 2004.
The permits are around Britannia gas field and Elgin-Franklin field, which recently came on stream. Gaz de France has a stake in Elgin-Franklin.
Gaz de France said the transaction will help it increase gas reserves. By 2003, it wants to have production equal to at least 15% of total gas sales, up from 5% now. The group's current production capacity is more than 2 billion cu m/year.