Corporate Data

Introduction

伊藤忠石油開発(株)

ITOCHU Oil Exploration Co., Ltd., also known as CIECO, is an upstream E & P company headquartered in Tokyo, Japan. CIECO is known for its technological expertise in all aspects of oil and natural gas exploration, development, and production.

As an operating subsidiary company for the ITOCHU Corporation (ITC), CIECO, with its know-how in reservoir management and exploitation, risk management and finance structuring related to the hydrocarbon industry, plays a central role in every aspect of the upstream hydrocarbon businesses of the ITOCHU Group. CIECO's E & P business spans nearly 10 countries globally, allowing for the maximization of ITC's worldwide network.

The company traces its roots back to the early 1970s during which time ITC acquired various petroleum interests in Indonesia. The acquisition of interests in the offshore Southeast Sumatra and Northwest Java by ITC in 1970 led to the establishment of Japan Low Sulfur Oil Co., Ltd. (JALOSCO). In 1972, ITC formed C. Itoh Energy Development Co., Ltd. (CIECO) to invest and acquire assets in the Vogelkop and Irian Jaya oil fields. In 1984, JALOSCO merged with CIECO, setting the stage for the subsequent evolution into the current corporate structure. The successful production of oil and natural gas in the Indonesian fields during the 1980s and thereafter prompted CIECO to expand its operations into other areas around the world. In 1993, in response to the growing domestic and global energy demand and to present a unified presence with ITOCHU Group in the global marketplace. CIECO, headquartered in Tokyo, changed its corporate name to ITOCHU Oil Exploration Co. Ltd.

CIECO's current upstream portfolio includes operations in Azerbaijan (Azeri-Chirag-Gunashili field), the U.K. North Sea and Russia (offshore Sakhalin and onshore East Siberia). In addition, CIECO is a partner in the 1768km Baku-Tbilisi-Ceyhan (BTC) Pipeline project, which transports the ACG crude from Baku, Azerbaijan to the Mediterranean port of Ceyhan, Turkey through Tbilisi in Georgia. The pipeline was completed and export of the ACG crude commenced in June 2006.

CIECO, working in close collaboration with the Energy Division of ITC, is committed to being the Japan's premier E & P company through continued development and application of industry-leading technologies, while maintaining a robust financial outlook and utilizing disciplined risk management.

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