International Petroleum has a high quality, diversified asset base with stable low-risk operations

International Petroleum Corporation (IPC) is an internationally focused upstream oil and gas company with a portfolio of exploration and production assets in Canada, Malaysia and France.

IPC has existing reserves and resources of ~1,7 billion barrels of oil equivalent (Bnboe) at the end of 2021. Full year 2022 average net production forecast guidance range of 46,000 to 48,000 boepd.  Operating costs are forecast to be between 16 to 17 USD per barrel of oil equivalent (USD/boe) for 2022.

Q1 2022 Highlights
Worldwide Operations IPC

Licence Summary


IPC concession summary
07.05.2018, 69.55 KB


IPC’s oil and gas assets are located in Alberta and Saskatchewan. The Suffield area oil and gas assets and the recently acquired Ferguson oil asset are high quality conventional assets located in southern Alberta. The Onion Lake, Mooney and Blackrod assets are heavy crude oil assets with conventional and steam assisted development methods in northern Alberta and Saskatchewan.

Suffield Area, Alberta

Acquired by IPC early in 2018, the Suffield area assets are conventional oil and natural gas assets held over a large, contiguous land position of 800,000 net acres of shallow natural gas rights and 100,000 net acres of oil rights. Production and reserves from the assets come from conventional shallow oil and gas wells. These stable, low-decline producing fields have low production costs and significant future development potential from a combination of low risk development drilling, well stimulation and enhanced oil recovery opportunities.

Oil is produced from the Suffield area assets using both enhanced (EOR) and conventional recovery methods via water drive with pumped multi-lateral horizontal wells. The production is collected in a network of pipelines and transported to a central processing facility. In 2018, IPC recommenced conventional oil well drilling at Suffield, successfully bringing the N2N pool EOR facility and alkaline surfactant polymer (ASP) injection programme online in 2019.

Sweet natural gas production in the Suffield area is via shallow wells producing from multiple formations. The wells produce into a network of natural gas pipelines with a number of compressor stations. In 2018, IPC commenced a multi-year gas optimisation programme with a ramp up in well swabbing activity and an extensive well recompletion programme targeting underdeveloped production zones.

IPC is operator of the Suffield Oil asset holding 100% working interest.
IPC is operator of the Suffield Gas asset holding 99.7%¹ working interest.
¹ On a well-count basis

  • Suffield facilities Alberta
  • Suffield storage
  • Suffield facilities Alberta
  • Suffield drilling
  • Suffield maintenance crew

Ferguson Field, Alberta

Acquired by IPC in 2020, the Ferguson asset is a high netback, light oil field in Southern Alberta. The core pool produces high-quality ~30 API oil, and is under a successful gas injection enhanced oil recovery (EOR) scheme, with a significant inventory of infill drilling opportunities.

The pool was discovered in 2012 and in 2013 a gas injection enhanced oil recovery (EOR) scheme was established in the core producing area (Ferguson Alberta Bakken Oil Fairway). The pilot project has since expanded to a full-scale, highly successful EOR program, the approval area for which covers the bulk of the core producing area. IPC’s operational focus at Ferguson is on extending the core pool area’s EOR program to create high-value, long-life, low-decline production and drilling highly capital-efficient wells that will return significant value for years to come.

IPC is operator of the Ferguson Oil asset holding 100% working interest.

Onion Lake Thermal, Saskatchewan

Acquired by IPC in 2019, Onion Lake Thermal is a conventional heavy oil property located in the Lloydminster area in Saskatchewan. The Onion Lake property is made up of a 14,000 boepd heavy oil thermal project with a reserve life of over 20 years.

Oil is produced from the Onion Lake Thermal assets utilising a modified SAGD (steam-assisted-gravity-drainage) technique, steam is injected in the direction of the reservoir in a matrix type formation generating steam heat chambers around the horizontal sections of strategically placed production wells, maximising steam oil ratio efficiency, production rates and ultimate recovery. The production is collected in a common pipeline system and routed to processing facilities. In early 2019, a steam optimisation project was completed at the processing facility lifting Onion Lake Thermal name-plate capacity to 14,000 boepd.

IPC is operator of the Onion Lake Thermal asset holding 100% working interest.

Canada Northern Conventional and EOR (Other)

In addition, IPC holds conventional heavy oil assets at Onion Lake Primary, Mooney (EOR), John Lake and Graindale with production capacity of ~2,500 boepd.

Blackrod, Alberta

Regulatory approval has been received for an 80,000 boepd SAGD (steam-assisted-gravity-drainage) oil sands project at Blackrod. The delineated resource contains 1 billion boe of best estimate contingent resource.

For the last 6 years, a SAGD pilot at Blackrod has been operated, which has validated both commercial production rates and a corresponding steam oil ratio. Further pilot well testing and project optimisation studies are planned through 2020 to increase productivity, reduce capital costs and strengthen overall value.

Notice of Amalgamation

Effective June 1, 2019

Take notice that effective June 1, 2019, BlackPearl Resources Inc. and IPC Alberta Ltd., both wholly owned subsidiaries of International Petroleum Corporation, have amalgamated in accordance with the Business Corporations Act (Alberta). The amalgamated corporation will operate under the name IPC Canada Ltd.  A copy of the Certificate of Amalgamation can be downloaded by clicking the following link- Certificate of Amalgamation

As a result of the foregoing, effective immediately the address for service for all matters relating to BlackPearl Resources Inc. and IPC Alberta Ltd., including payments, notices, invoices and correspondence is as follows:

IPC Canada Ltd.
900, 215 – 9th Avenue SW
Calgary, AB T2P 1K3

Kindly circulate this notice to all departments within your organization and amend your records accordingly such that all further business relating to BlackPearl Resources Inc. and IPC Alberta Ltd. are directed to and in the name of IPC Canada Ltd. No specific conveyance documentation is required in this instance.

Please continue to contact your respective department representatives for all other day-to-day matters. For any other matters pertaining to this notice, please contact our office at the above noted address or by telephone at 403-215-8313.

Yours Truly,
Tamar Epstein
General Counsel Canada and Corporate Secretary

Canada licences

Licence Area km2 Licence Type IPC Interest Operator Partner
Blackrod 224 Development 100.0% IPC
Ferguson 103 Production 100.0% IPC
Mooney 74 Production 100.0% IPC
Onion Lake 72 Production 50-100.0% IPC
Suffield Gas ~3,200 Production 99.7%¹ IPC
Suffield Oil ~400 Production 100.0% IPC

¹ On a well-count basis

Canada asset map


The Bertam field in is an offshore asset with light, high quality oil. The field is operated with a wellhead platform and a floating production storage and offloading vessel (FPSO) at approximately 170 km offshore Peninsular Malaysia.

The Bertam field offshore Peninsular Malaysia produced first oil in April 2015

The Bertam field is located 170 kilometres offshore to the east of Peninsular Malaysia in Block PM307, at a water depth of about 74 metres. The field consists of an unmanned wellhead platform and 14 active horizontal wells producing to a FPSO. The field has remaining 2P reserves of 5.4 MMboe (end 2020).

IPC holds a 100% working interest and operatorship in this field producing light high quality oil.

Bertam facilties flyover
May 2017

Malaysia licences

Licence Area km2 Licence Type IPC Interest Operator Partner
Bertam 297 Production 100% IPC

Malaysia maps and images

  • Malaysia Map
  • Malaysia Bertam FPSO
  • Malaysia Bertam FPSO
  • Malaysia Bertam FPSO
  • Malaysia Bertam FPSO
  • Malaysia Bertam FPSO
  • Malaysia Bertam FPSO
  • Malaysia Bertam FPSO
  • Malaysia Bertam FPSO


IPC’s assets are comprised of two main operating basins, the Paris Basin, which is operated by IPC, and the Aquitaine Basin, which is operated by a subsidiary of Vermilion Energy Inc. Production from IPC’s oil and gas assets in France is light, high quality oil.

The French onshore assets are predictable low decline fields

The majority of the production and reserves come from the Paris Basin fields which are all operated by IPC. The company holds a 100% working interest in 9 of the 10 producing fields. These fields have producing and gathering facilities where the oil is stored for trucking to the main production centre.

In the Aquitaine Basin, production comes from five non-operated fields situated near Arcachon, south west France. IPC has a 50% working interest.

The 2P reserves for IPC’s French assets as at end 2020 stand at 11.4 MMboe

Paris Basin Seismic
August 2018

Paris Basin Drilling
August 2018

  • France Overview Map
  • France Paris Basin
  • France Aquitaine Map

France licences

Licence Area km2 Licence Type IPC Interest Operator Partner
Aquitaine Basin Licence Summary
Courbey 22.12 Production 50% Vermilion  Vermilion 50%
Les Arbousiers 7.85 Production 50% Vermilion  Vermilion 50%
Les Mimosas 20.00 Production 50% Vermilion  Vermilion 50%
Les Pins 3.56 Production 50% Vermilion  Vermilion 50%
Tamaris 10.00 Production 50% Vermilion  Vermilion 50%
Paris Basin Licence Summary
Amaltheus 37.00 Production 100% IPC  –
Courdemanges 19.90 Production 100% IPC  –
Dommartin-Lettree 13.20 Production 43.01% IPC Vermilion 56.99%
Estheria 43.00 Exploration 100% IPC  –
(part west & south)
25.09 Production 100% IPC  –
Grandville 33.90 Production 100% IPC  –
La Motte Noire 15.84 Production 100% IPC  –
Merisier 26.50 Production 100% IPC  –
Plivot 198.00 Production 100% IPC  –
Soudron 51.60 Production 100% IPC  –
Vert-La-Gravelle 23.00 Production 100% IPC  –
Villeperdue 141.30 Production 100% IPC  –
  • Paris Basin - core analysis
  • Soudron field - Paris Basin
  • Paris Basin - Oil sample for analysis
  • Paris Basin - oil analysis
  • Paris Basin - Maclaunay oil storage

Reserves and resources

As at the end 2021, IPC has 2P reserves(1) of 270 million barrels of oil equivalent.

Contingent Resources
IPC has contingent resources(1) of 1,410 MMboe.

1) See IPC’s MCR for the year ended December 31, 2021.

End 2021 2P Reserves

1) As at December 31, 2021. See MCR

End 2021 2C contingent resources

2) As at December 31, 2021. See MCR. Best estimate, unrisked. 


Full year 2022 average net production forecast guidance of 46,000 to 48,000 boepd) (1). As at end Q3 2022, IPC expects full year average production above 48,000 boepd.

2022 Production range

1) See Reader Advisory.

2022 Production Guidance