Idemitsu Petroleum Norge to sell part of participating interests of Production Licenses in Barents Sea

20^th October 2020

Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director and CEO: Shunichi Kito, the “Company”) is pleased to announce that Idemitsu Petroleum Norge AS^*1 (Head Office: Oslo Norway; Managing Director: Futoshi Tsuneyama), a wholly owned subsidiary of Idemitsu Snorre Oil Development Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Jun Miki)^*2, has entered into an agreement with Lundin Energy Norway AS (Head Office: Oslo Norway), to sell a 10% participating interest in production licences PL 537 & PL 537B including Wisting discovery and a 15% participating interest in production licences PL 609, PL 609B, PL 609C, PL 609D and PL 851 including Alta discovery in the Barents Sea, Norway.

*1: Shareholders: Idemitsu Snorre Oil Development Co., Ltd. (100 %)

*2: Shareholders: Idemitsu Kosan Co.,Ltd. (50.5 %), Osakagas Summit Resources Co., Ltd. (49.5 %)

Idemitsu Petroleum Norge AS acquired a 20% participating interest in PL537 & PL537B, and a 30% participating interest in PL 609, PL 609B, PL 609C, PL 609D and PL 851 through the Norwegian licensing rounds. The Wisting and Alta discoveries were made in PL 537 in 2013 and PL 609 in 2014 respectively. Studies are ongoing with a view to progressing these discoveries to development.

The transaction is part of the Company’s long-term business strategy, and capital and cash management plan. It will reduce development cost exposure in future. A cash consideration of USD125 million is to be paid on completion of the transaction. (The transaction is subject to Norwegian authority approvals.)

【Change of licence share in the production licenses in Barents Sea】

Original article link:

https://www.idemitsu.com/news/2020/201020.html

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TOTAL delivers its first carbon neutral LNG cargo

TOTAL has delivered its first shipment of carbon neutral liquefied natural gas (LNG) to the Chinese National Offshore Oil Corporation (CNOOC). The loading operation was carried out at the Ichthys liquefaction plant in Australia, and the shipment was delivered on September 29 to the Dapeng terminal, China.

“We are proud to have completed this first shipment of carbon neutral LNG with CNOOC, a long-standing partner of TOTAL. This first LNG shipment, whose carbon emissions have been offset throughout the value chain, represents a new step as we seek to support our customers towards carbon neutrality,” explains Laurent Vivier, President for Gas at TOTAL. “The development of LNG is essential to meet the growth in global demand for energy while reducing the carbon intensity of the energy products consumed.”

The carbon footprint of the LNG shipment was offset with VCS (Verified Carbon Standards) emissions certificates financing two projects: 

• Hebei Guyuan Wind Power Project, which aims to reduce emissions from coal-based power generation in northern China
• Kariba REDD+ Forest Protection Project, which aims to protect Zimbabwe's forests

The term “carbon neutral” indicates that TOTAL and CNOOC have offset the amount of carbon dioxide equivalent associated with the whole carbon footprint of the LNG Cargo (including the production, liquefaction, shipping, regasification, and end-use) through VCS certified emission reduction projects.

TOTAL: Second Largest Private Global LNG Player

TOTAL has made natural gas, the least pollutant of all fossil fuels, a cornerstone of its strategy to meet a growing global demand for energy while helping to mitigate climate change. We are focusing in particular on LNG, which can be easily transported and delivered as close as possible to consumer markets.

TOTAL is present across the entire LNG value chain, from production and liquefaction of natural gas to LNG shipping and trading, regasification using terminals and floating storage regasification units (FSRUs) and contributes to the development of the LNG sector for maritime transportation.

TOTAL is the second-largest global LNG stakeholder in the private industry, with an overall portfolio of nearly 50 Mt/year by 2025 and a worldwide market share of 10%. With over 34 Mt of LNG sold in 2019, the Group has solid and diversified positions across the LNG value chain. TOTAL sells LNG in all world markets via its stakes in liquefaction plants in Qatar, Nigeria, Russia, Norway, Oman, Egypt, the United Arab Emirates, the United States, Australia and Angola.

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