Idemitsu Kosan Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Akihiko Tembo) is pleased to announce that its subsidiary, Idemitsu Snorre Oil Development Co., Ltd.* (Head Office: Minato-ku, Tokyo; President: Osamu Kamimae) has confirmed, through Idemitsu Petroleum Norge AS (Managing Director: Kosuke Tsuji), that exploratory well has proved the existence of oil reserves in the “H-North” structure of Fram Block PL090, in which the company owns a 15% interest.
* Shareholders: Idemitsu Oil and Gas Co., Ltd. (50.5%), Osaka Gas Summit Resources (49.5%)
The exploratory well was drilled at a water depth of 363m and to the depth of approximately 2,900m below sea level. The
structure is at the north of the Fram West oil field where production is already underway.
Although production testing for the "H-North" was not carried out, evaluation and assessment in terms of commercial
production will be undertaken in the near future.
Idemitsu acquired 15% interest in the Fram Block from the Norwegian government in May 2002. Currently, our net production volumes from the Fram West and the Fram East fields amounts to approximately 6 thousand barrels a day and our net production volumes from Snorre and Fram Blocks are approximately 30 thousand barrels a day.
Overview of Block
| Block name | Fram Block PL090 (35/11) | |
|---|---|---|
| Participating interests (* Operator) |
Idemitsu Petroleum Norge (IPN) | 15% |
| * Norsk Hydro (Norway) | 25% | |
| Statoil (Norway) | 20% | |
| ExxonMobil (America) | 25% | |
| Gaz de France (France) | 15% | |
| Size of block | Approximately 207 km2 | |
New Window Open<Reference> Location map of the Fram block (PDF: 366KB)
