ITOCHU Oil Exploration Co., Ltd. (CIECO) was established in 1972 to explore and develop oil and gas resources in Indonesia. During 1990's, CIECO expanded its business and acquired the interests in three oil producing assets in the UK North Sea as well as in the ACG oil fields in Azerbaijan. CIECO also entered gas field development business in Algeria.
In 2004, CIECO transferred all its working interests in the upstream projects to its parent company ITOCHU Corporation with the exception of some shares of Sakhalin Oil and Gas Development Co., Ltd. which has been participating in the Sakhalin 1 project.
Since 2004, CIECO has been providing technical support services as well as oil and gas tax/accounting services to ITOCHU Corporation to facilitate their upstream businesses and to increase the reserves ITOCHU group has the right to produce.
West Qurna-1 project in Iraq and afore-mentioned ACG and Sakhalin 1 projects are the current core upstream assets for ITOCHU group. All three are the world class project and constitute the profit center of the group. In addition to these, ITOCHU group has been exploring, developing and producing oil onshore East Siberia, Russia. Further, an exploration project has been carried out in the UK North Sea with the long-term perspective.
CIECO aims to expand its business through new asset acquisitions and possible expansion of the existing assets by working together with ITOCHU Corporation and by fully utilizing our global business network.
While it has plenty of experienced technical staffs inside, CIECO also helps younger technical staffs grow by providing a variety of on the job training inside the company and overseas. CIECO has also committed to enhance its expertise in the other areas of E&P business including accounting and project management. CIECO will continue to contribute not only to expanding the upstream business of ITOCHU group but also to the energy security of Japan and to the further development of those countries we are working with.
President & C.E.O. Akio Tanabe