Idemitsu Hits Oil, Gas in N. Sea Oil Field
July 15, 2005
Tokyo, July 15 (Jiji Press)–Idemitsu Kosan Co. said Friday it has found crude oil and natural gas in an oil field in the North Sea off Norway.
Test-drilling brought daily output equivalent to 4,000 barrels, the Japanese oil distributor said.
The company, which has a stake of nearly 8 pct in the field, plans to kick off production in 2010, with peak daily output seen amounting to the equivalent of between 20,000 barrels and 30,000 barrels.
Currently, Idemitsu is developing oil and gas fields in the Norwegian sector of the North Sea through Oslo-based subsidiary Idemitsu Petroleum Norge AS. The Norwegian unit is indirectly owned 50.5 pct by Idemitsu and 49.5 pct by Japanese gas supplier Osaka Gas Co. .END