Idemitsu Kosan : Successful Exploration Well in the Norwegian Barents Seavar newdate = timecheck('2014','10','15');document.write(newdate);
October 14, 2014 at 10:08 pm EDT
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October,15,2014
Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director and CEO: Takashi Tsukioka) is pleased to announce that its subsidiary, Idemitsu Snorre Oil Development Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Kosuke Tsuji)*1 has discovered, through Idemitsu Petroleum Norge AS (Managing Director: Teruyuki Takahashi), an accumulation of oil and gas by exploration well 7220/11-1 in the "Alta" structure in production license PL 609, in which the company owns a 30% interest.
*1Shareholders: Idemitsu Oil & Gas Co., Ltd. (50.5 %), Osaka Gas Summit Resources (49.5 %)
The Alta structure is located in the southwestern part of Barents Sea, approximately 190 km from the nearest shore. The water depth is approximately 390 m. The Alta discovery is Idemitsu´s third in the Barents Sea, and the second during 2014 alone, following the previous significant discoveries of Wisting Central (2013) and Hanssen (2014).
The well was drilled to a vertical depth nearly 2,200 m below sea level and encountered a 10 m gas column and a 45 m oil column in carbonate rocks. A successful formation test was carried out and recorded a maximum production rate of approximately 3,300 barrels/day of oil and 49,000 Sm3/d of associated gas.
The provisionally estimated range of recoverable resources in the Alta discovery is 120-421 million barrels of oil equivalents (Idemitsu´s share is about 36-126 million barrels of oil equivalents).
Idemitsu Kosan Co., Ltd. is specialized in the production and refining of petroleum products. Net sales break down by category as follows:
- refining of petroleum products (78.8%): fuels, lubricants, kerosene, etc. At the end of March 2019, the group operated 6 refineries in Japan;
- manufacturing of petrochemical products (12.5%): activity carried out in 2 production sites located in Japan;
- exploration and production of oil, coal, uranium and geothermal resources (7%);
- other (1.7%).
Net sales are distributed geographically as follows: Japan (69.8%), Asia-Pacific (19.2%), North America (7.2%), Europe (2.4%) and others (1.4%).
IDEMITSU KOSAN CO., LTD. 
