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About us  -  History

History

Idemitsu and Statoil signs agreement for IKC to purchase a stake in the Snorre field in 1989

 

IPN’s business on the Norwegian Continental Shelf (NCS) began in 1989 with the acquisition of interests in two licenses in the northern North Sea where the Snorre oil field was in development.

This was closely followed by the development of Tordis and Vigdis oil fields in the area covered by the same licenses.

Snorre commenced production in 1992 and was initially forecast to produce until around 2015. However, production from the field is now projected to continue until 2040 thanks to collaboration between the license operator and joint venture partners.

 

 

Telefax from IPN to IKC 1992 with Japanese characters as a backdrop. Photo: IPN/Jarle Nyttingnes

Telefax from IPN to IKC 1992. Photo: IPN/Jarle Nyttingnes

In 2002, IPN acquired an interest in another key license containing the Fram oil field through the SDFI sale. Fram commenced production in 2003 and exploration activities in the Fram license have added reserves and provided stable production from the area.

In 2005, IPN was awarded an interest in a license north-east of the Snorre oil field where the Knarr oil field was discovered in 2008. Knarr commenced production in 2015, and became the first project in which IPN participated in from license award, through exploration and development to production.

 

 

Idemitsu Petroleum Norge 30 years sake barrel masu Photo: IRH/IPN

Our activities and achievements in the last 30 years on the NCS have given us the confidence to continue building a sustainable business, and to be part of Norwegian society for many years to come. This is only possible through continued good relations with our stakeholders, including the regulatory authorities and business partners, and we thank them for their continuous support.

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