Our history

In 2023, IPC sanctioned Blackrod Phase 1 as a steam-assisted gravity drainage (SAGD) heavy oil commercial development. Phase 1 initially targeted 218 million barrels of 2P reserves. At sanction, first oil was expected in late 2026 and plateau production of 30,000 bopd was forecast to be achieved in 2028.

In 2023, IPC acquires oil and gas assets adjacent to IPC’s existing Suffield Area producing assets in Southern Alberta. The acquisition provides additional oil and gas reserves, resources and production including additional drilling inventory in the promising Ellerslie play fairway that extends west of the existing Suffield Area assets.

In April 2021, IPC acquires the remaining 25% interest in the Bertam Field, Malaysia. IPC now holds 100% working interest in the field.

In 2020, IPC acquires the Ferguson light oil producing assets in Southern Alberta.

IPC integrates BlackPearl Resources assets following a strategic business combination of high quality, long-life producing assets and exciting growth opportunities. BlackPearl’s assets include the producing Onion Lake heavy oil assets in Saskatchewan and the Blackrod heavy oil development asset in Alberta.

IPC marks its entry into the Canadian oil and gas industry by completing the strategic acquisition of the stable, low-decline Suffield Area oil and gas producing assets in Southern Alberta. These assets are conventional producing fields with upside potential from a combination of low risk development drilling, well stimulation and enhanced oil recovery (EOR) opportunities.

International Petroleum Corporation is re-born when Lundin Petroleum spins-off its non-Norwegian producing assets into a newly formed company. The new company has producing assets in Malaysia, France and the Netherlands.

Lundin Oil’s success story culminates in a takeover by Talisman Energy in 2001. Later that year, Lundin Petroleum is formed and quickly grows through asset acquisition and in addition has major exploration successes offshore Norway with the discovery of the Edvard Grieg and the giant Johan Sverdrup fields.

IPC makes a number of oil discoveries in Malaysia/Vietnam and commences production in 1997. Adolf Lundin becomes the largest shareholder in Sands Petroleum AB who have interests in producing North Sea fields. In 1997, IPC and Sands Petroleum merge to become Lundin Oil.

International Petroleum is founded by Adolf H. Lundin with exploration assets in the Middle East, Texas and the Bay of Biscay. During the 80’s the company commenced production in the Saleh Field, offshore UAE and had oil and gas discoveries offshore Oman and Papua New Guinea.