Our history

In 2023, IPC sanctioned the Blackrod Phase 1 oil field development. Phase 1 development capital expenditure is estimated at 850 MUSD and targets 218 million barrels of 2P reserves. First oil is expected late 2026 and forecast to reach plateau of 30,000 bopd by 2028.

In March 2023, IPC acquires Cor4 Oil Corp. The Cor4 asset provides a complementary expansion of IPC’s existing Suffield Area oil and gas 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 IPC Suffield asset.

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 Granite Oil Corp. The acquisition is comprised light oil producing assets in the Milk River area of Alberta, located southwest of IPC’s existing operations in the Suffield area, just north of the US border, and provides access to a new resource play fairway that adds additional reserves, resources and production.

IPC integrates BlackPearl Resources assets following a strategic business combination of high quality, long-life producing assets and exciting organic growth opportunities. BlackPearl’s main asset, the Onion Lake property in Saskatchewan, Canada, consists of a 12,000 boepd heavy oil thermal project with reserve life of over 20 years.

IPC completes a strategic acquisition of the stable, low-decline Suffield and Alderson oil and gas producing assets in Alberta, Canada from Cenovus Energy. These conventional 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.

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.