Itochu : Commencement of Crude Oil production from Western Isles Development Project, U.K. North Sea
November 22, 2017 at 07:50 am IST
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November 22, 2017
CIECO Exploration and Production (UK) Limited ('CIECO UK', London U.K.), a 100% owned subsidiary of ITOCHU Corporation (headquarters: Minato-ku, Tokyo; President and CEO: Masahiro Okafuji; hereinafter 'ITOCHU'), holding a working interest of Block 210/24a, has been pursuing Western Isles Development Project ('WIDP') at the aforementioned block with operator, Dana Petroleum Limited (headquarters: Aberdeen, U.K. hereinafter 'Dana'). First oil from the project has been achieved.
The newly-built Floating Production, Storage and Offloading System is operating and approximately 40,000 barrels of gross daily production is expected at peak, equivalent to approximately 10,000 barrels per day as ITOCHU's net production. Financial guarantees for WIDP are provided by Japan Oil, Gas and Metals National Corporation (JOGMEC).
Itochu Corporation published this content on 22 November 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 November 2017 02:19:05 UTC.
Original documenthttp://www.itochu.co.jp/en/news/press/2017/171122_2.html
Public permalinkhttp://www.publicnow.com/view/2793B45983B9DE31F7305D39EF7B63E8FC00F0CF
Itochu Corporation is a diversified group organized around 8 areas of activity:
- distribution of food products (34.9% of net sales): frozen food, vegetable oil, sweeteners, sugars, etc.;
- distribution of hydrocarbons (23.3%): hydrocarbons (natural gas, oil products, bioethanol, etc.). The group also develops manufacturing of chemical products activity;
- manufacturing and sale of industrial and construction machines, vehicles and ships (9.7%);
- production of metals and coal (8.5%);
- sale of consumer products (8.4%). The group also develops forest products sale and real estate development activities;
- distribution of computing and telecommunication equipments (7%): data transmission, Internet access, media content broadcasting and mobile telephony equipments. The group also offers financial services;
- sale of textile products (3.6%);
- other (4.6%).
Net sales are distributed geographically as follows: Japan (79.5%), Singapore (5.4%), the United States (4.5%), Australia (3.1%), China (2.8%) and other (4.7%).