Idemitsu Kosan Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President: Akihiko Tembo) announces 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), oil reserves as a result of side- tracking of the original exploration well drilled in the "Jordbaer" structure in the exploratory block PL373S, in which the company owns a 25% interest.
* Shareholders: Idemitsu Oil and Gas Co., Ltd. (50.5%), Osaka Gas Summit Resources (49.5%)
The exploration well has confirmed oil accumulation with production test in August this year. Subsequently, the sidetrack well confirmed recoverable reserves to be 60 to 80 million barrels. The licensee plans to assess and examine the recoverable reserves from now on based on the results of drilling these two wells this time.
The structure is located at a water depth of 410m, approximately 3,900m below sea level and about 40km northeast of the Snorre oil field where production is already underway.
As for the exploratory block PL373S, Idemitsu Petroleum Norge has acquired an interest in the Awards in Predefined Areas (APA) 2005 promoted by the Norwegian government in December 2005.
Overview of Block
| License name | PL373S | ||
|---|---|---|---|
| Participating interests (* Operator) |
Idemitsu Petroleum Norge (IPN) | 25% | |
| * British Gas (BG Norge) | 45% | ||
| Revus | 20% | ||
| RWE-Dea | 10% | ||
| Size of license | Approximately 330km2 | ||
New Window Open<Reference> Locational map of PL373S (PDF: 300KB)
For inquiries regarding this press release, please contact
Mr. Yamada
PR Section IR&PR Office
Idemitsu Kosan, Co., Ltd.
Tel: +81-3-3213-3115
