Idemitsu marks 30 years in Norway

25. september 2019

Idemitsu Petroleum Norge AS (IPN) was established on 25 September 1989 and celebrates its 30th anniversary.

Idemitsu acquired interests in 1989 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 covered in the same licenses.  

Snorre commenced production in 1992 and was initially forecast to produce until around 2011.  However, production from the field is now projected to continue at least until 2040 after sanctioning the Snorre Expansion Project. We do appreciate the collaboration between the license operator and joint venture partners. 

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 from license award, through exploration and development to production.

Going forward, IPN has a number of exciting projects. The PDO for the Duva discovery was approved in June 2019 and our Barents Sea discoveries are under evaluation towards development. We have a good mix of prolific portfolio consisting of production, development, discovery and exploration. 

The 30th anniversary celebration took place in Den Norske Opera & Ballett on Thursday 29 August and around 330 business associates, employees and distinguished guests came to celebrate. 

In conjunction with our business efforts, we have sponsored the Munch museum for over 25 years.  It is a relationship which reflects the values of our founder Sazo Idemitsu, and it is a relationship we hope to continue.

“The company has grown and developed into a modern place of work for around 60 professionals of different nationalities. The success we have experienced over the past 30 years has been made possible through the hard work and dedication of our staff, but also with the help of good relations with regulatory authorities, business partners and other important stakeholders. IPN will continue the business here in Norway and contribute to Norwegian industry and society,”  says managing director Hiroshi Arikawa. 

AUN J Classic Orchestra, a Japanese musical performance group, played traditional Japanese instruments for the IPN celebration. (Photo: Idemitsu/Håkon Hole Borkhus)