Idemitsu Kosan Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Kazuhisa Nakano; "Idemitsu" or the "Company") hereby announces that it entered into an agreement with Sumitomo Corporation for acquisition of entire shares of Petro Summit Investment UK Ltd. ("PSIUK") from Sumitomo Corporation on November 12.
PSIUK owns 17 licenses in the UK North Sea and produces approximately 5,000 boe/day on its equity basis from 9 oil fields including Nelson (operator: Shell) and Ross (operator: Talisman). The licenses also have a field under development, discoveries and potential for future exploration activity.
The Idemitsu Group positions Norway, the United Kingdom, and Southeast Asia as core areas for the oil and gas exploration and production business, and currently produces approximately 28,000 boe/day in the Norwegian North Sea.
Idemitsu has started exploration activities in the UK since acquiring 4 licenses in the west of the Shetland Islands in 2007 and aims to expand its exploration and production business in the UK, as the Company can utilise its experience and various know-how from its Norwegian operations in the UK with minimal country risk. The acquisition of PSIUK allows Idemitsu to establish a business foundation in the UK by gaining ownership of producing oil fields, and to enjoy tax benefits. Idemitsu plans to invest its resources in exploration and development in the UK in order to expand further its reserves and production.
New Window Open<Reference Materials> Location of PSIUK Producing Fields (PDF: 87KB)
New Window Open<Reference Materials> Licenses held by PSIUK (XLS：28KB)
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For inquiries regarding this press release, please contact
Mr. Yamada
PR Section IR&PR Office
Idemitsu Kosan, Co., Ltd.
Tel: +81-3-3213-3115
