Idemitsu Kosan Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Akihiko Tembo) announced that its subsidiary, Idemitsu Snorre Oil Development Co., Ltd. (Head Office: Minato-ku, Tokyo; President: Osamu Kamimae) * has reached, through Idemitsu Petroleum Norge AS (Managing Director: Kosuke Tsuji), an agreement for acquisition of a 10% interest of the production license PL273 in the central area of the Norwegian North Sea from Wintershall Norge AS.
* Shareholders: Idemitsu Oil and Gas Co., Ltd. (50.5%), Osaka Gas Summit Resources (49.5%)
The acquired license PL273 is located approximately 300 km southwest of Stavanger. The license is surrounded by several oil and gas fields and discoveries.
Exploration drilling commenced in the license in March 2008 and is expected to continue until July.
Overview of Block
| License No. | PL273 | ||
|---|---|---|---|
| License location | Approximately 300 km southwest of Stavanger | ||
| Participating interests (* Operator) |
Before acquisition | After acquisition | |
| Idemitsu Petroleum Norge (IPN) | -- | 10% | |
| Wintershall Norge | 25% | 15% | |
| * ConocoPhillips | 35% | 35% | |
| StatoilHydro | 30% | 30% | |
| DONG | 10% | 10% | |
New Window Open<Reference> Locational map of acquired block (PDF: 277KB)
