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Idemitsu Kosan Increases Interest in H-Nord field in the Norwegian North Sea

Tokyo, July 4, 2013 (JCN) - Idemitsu Kosan announced that its subsidiary Idemitsu Snorre Oil Development (Idemitsu Oil & Gas Co., 50.5%, Osaka Gas Summit Resources, 49.5%) acquired additional interests of PL 090 F (25%) and PL 090 G (25%) from ExxonMobil including H-Nord oil field in the northern North Sea through its Norwegian subsidiary Idemitsu Petroleum Norge AS.

The licenses PL 090 F and PL 090 G are located approximately 5 km north of the producing Fram oil field in the northern North Sea. PL 090 G includes the H-Nord oil field which was discovered in 2007, which is currently under development. As the field straddles Production Lincenses 090 G and 248, the field was unitised among the owners. H-Nord will be operated by Statoil.

The licensees decided to develop the discovery in 2012 and production is expected to commence during in the second half of 2014. The owners have opted for a development plan involving a subsea completion tie-back to the Troll platform through the existing subsea facilities of the Fram oil field.

Recoverable reserves of H-Nord oil field are approximately 10 million barrels of oil equivalent and Idemitsu's portion after increasing its interest is about 3 million barrels of oil equivalent.

By Saroj Shrestha Staff Writer

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