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 the exploratory well has proved the existence of oil reserves in the "C-East" structure situated in the Fram Area PL090, in which the company owns a 15% interest.
* Shareholders: Idemitsu Oil & Gas Co., Ltd. (50.5%), Osaka Gas Summit Resources (49.5%)
The exploratory well was drilled at a water depth of 360m and to the depth of approximately 2,300m below sea level. The
structure is at the east of the Fram East oil field where production is already underway.
Although production testing for the "C-East" was not carried out, evaluation and assessment of the C-East structure
in terms of commercial production will be undertaken in the near future.
Idemitsu acquired 15% interest in the Fram Area from the Norwegian government in May 2002. Currently, our net production volumes from the Fram West and the Fram East fields amounts to approximately 9 thousand barrels a day and our net production volumes from Snorre and Fram Areas are approximately 30 thousand barrels a day.
Overview of Block
| Block name | Fram Area PL090(35/11) | ||
|---|---|---|---|
| Participating interests (* Operator) |
Idemitsu Petroleum Norge | 15% | |
| * StatoilHydro | 45% | ||
| ExxonMobil | 25% | ||
| Gaz de France | 15% | ||
| Size of block | Approximately 207 km2 | ||
New Window Open<Reference> Location Map of C-East Structure (PDF: 322KB)
