Operations
International Petroleum Corp. has a high quality, diversified asset base with stable low-risk operations
IPC is an internationally focused upstream oil and gas company with a portfolio of exploration, production and development assets in Canada, Malaysia and France.
IPC has 2P reserves of 468 million barrels of oil equivalent (boe) and over 1.1 billion boe of contingent resources as at the end of 2023. Full year 2024 average net production forecast guidance range is 46,000 to 48,000 boe per day (boepd). Operating costs are forecast to be between USD 18 to 19 per boe for 2024.
Licence Summary
IPC concession summary
01.01.2023, 69.55 KB
Canada
IPC’s oil and gas assets in Canada are located in Alberta and Saskatchewan. The Suffield area oil and gas assets and the Ferguson oil asset are high quality conventional assets located in southern Alberta. IPC’s principal assets in northern Alberta and Saskatchewan are the Blackrod and Onion Lake projects which are heavy crude oil assets applying conventional and steam assisted development methods.
Onion Lake Thermal, Saskatchewan
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 boe per day (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 steam-assisted-gravity-drainage (SAGD) 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, aiming to maximise steam oil ratio efficiency, production rates and ultimate recovery. The production is collected in a common pipeline system and routed to processing facilities.
Through sustaining production well pad development and facility capacity optimisation, IPC continues to focus on maximising production delivery at the Onion Lake Thermal asset. In 2022, record daily production in excess of the facility nameplate capacity of 14,000 boepd was achieved. The next production sustaining well Pad L is scheduled for start-up in 2023.
IPC is operator of the Onion Lake Thermal asset holding a 100% working interest.
Suffield Area, Alberta
The Suffield area assets are conventional oil and gas assets held over a large, contiguous land position of 800,000 net acres of shallow 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 are well-understood, low-decline producing fields, with stable production costs and opportunities for further optimisation, including through development drilling, well stimulation and enhanced oil recovery (EOR) projects.
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.
Gas production in the Suffield area is via shallow wells producing from multiple formations. The wells produce into a network of gas pipelines with a number of compressor stations.
IPC continues to successfully offset historic field production decline rates through conventional oil well drilling, EOR projects and a multi-year gas optimisation program focussing on well swabbing activity and production zone well recompletions. By year end 2022, IPC has delivered 31 MMboe of organic reserve replacement at the Suffield area assets.
IPC is operator of the Suffield area oil and gas assets, with a 100% working interest in the oil assets and 99.7% working interest (on a well-count basis) in the gas assets.
Blackrod, Alberta
For over 10 years, a SAGD pilot at Blackrod has been operated, which has validated both commercial production rates and a corresponding steam oil ratio.
Following the successful completion of FEED studies and the continued strong production performance from pilot well pair three during 2022, IPC has taken the decision to advance the development of Phase 1 of the Blackrod project. First oil of the Phase 1 development is estimated to be in late 2026, with forecast production of 30,000 boepd by 2028.
IPC is operator of the Blackrod asset holding a 100% working interest.
Ferguson Field, Alberta
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 EOR scheme, with a significant inventory of infill drilling opportunities.
IPC’s operational focus at Ferguson is on extending the core pool area’s EOR program to create high-value production growth. In 2022, IPC successfully completed the first phase of the Ferguson field planned development including sixteen new production wells and gas handling system capacity upgrades.
IPC is operator of the Ferguson asset holding a 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.
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
Malaysia
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).
The Bertam field offshore Peninsular Malaysia
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. In 2022, IPC announced the extension of the Bertam field production sharing contract to August 2035.
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
France
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 non-operated 50% working interest.
Paris Basin Seismic
August 2018
Paris Basin Drilling
August 2018
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 | – |
Fontaine-au-Bron (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 | – |
Reserves and resources
Reserves
As at the end 2023, IPC has 2P reserves(1) of 468 million barrels of oil equivalent.
Contingent Resources
IPC has contingent resources(1) of 1,145 MMboe.
1) As at December 31, 2023. See MCR
2) As at December 31, 2023. See MCR. Best estimate, unrisked.
Production
Full year 2024 average net production forecast guidance of 46,000 to 48,000 boepd) (1).
1) See Reader Advisory.