Mission and Values

Idemitsu Oil & Gas Co., Ltd. is responsible for the oil and gas upstream business in the Idemitsu Group and actively promotes our business in Norway, the UK and Southeast Asia. Our objective is to sustain the growth and development of our business, as part of our commitment to strengthen Idemitsu Group's corporate value of making contributions to our shareholders and to society. To achieve our mission, we focus on the following measures.

Since the Snorre field came on stream in 1992, we have steadily increased our production and reserves of the oil fields on the Norwegian Continental Shelf. Production volume in our Norwegian interest base in 2009 was 26,000 bbl/day. In November 2009, we acquired asset and exploration acreage in the UK, including producing oil fields. In February 2010, the commercial production from the Nam Rong - Doi Moi oil field (the NR-DM oil field) located in offshore Vietnam commenced. In order to maintain and expand production from the UK, Southeast Asia and Norway, we are striving to strengthen our business infrastructure by well balanced new exploration activities and asset deals.

By striving to establish and strengthen partnerships, particularly with oil producing countries, energy related firms and Japanese and international oil companies, we will continue to create more opportunities to be involved in new projects and diversify risks to optimize our portfolio.

We are constantly improving our expertise and technologies in the fields of geological evaluation, geophysical prospecting and production technology in order to increase our efficiency and productivity.