ITOCHU Corporation, through CIECO Exploration and Production (UK) Limited, a 100% owned subsidiary of CIECO North Sea Limited (capital contribution by Japanese companies: ITOCHU 80%, Taiyo Oil 20%), a joint capital enterprise between ITOCHU and Taiyo Oil, has signed ^{(Note 1)} an agreement with Faroe Petroleum Plc, a UK independent oil and gas exploration and development firm, obtaining a partial interest in two offshore exploration licenses to the west of the Shetland Islands, which is owned by its subsidiary Faroe Petroleum (U.K.) Limited and Fóroya Kolvetni P/F.

Through the agreement, ITOCHU acquires a 12.5% stake of Faroese Continental Shelf Blocks 6004/1, 2, 3, 6, 7 and 8 (License 005; Operator: ENI) and also an option to acquire 2.5% stake of UK Continental Shelf Blocks 213/20b, 214/16b and 213/25c (License P.1192; Operator : Shell). (See the map showing the location of the licenses)

These blocks are located in the over 1000m deep area known as the North Atlantic Margin ^{(Note 2)}, where major oil and gas fields have been found one after the other in recent years. Within each area, a large prospect has been identified, which is called Anne Marie and Cardhu respectively, and it is anticipated that exploration activity will commence at the end of 2008 and continue through 2009.

Since entering into petroleum exploration and production activity in the UK North Sea in 1992, ITOCHU has considered the North Sea as one of key areas and has put its energies into a policy to focus on acquiring exploration, development and production field with a view to expand E&P business by making use of human networks and technical knowledge cultivated over fifteen years.

ITOCHU currently accounts for 6,000 barrels of equivalent per day of net petroleum produced in the North Sea.

• (Note 1) The agreements are scheduled to be backdated effective from October 1st 2007 after receiving approval from the relevant authorities
• (Note 2) Recently discoveries in the area:
  Foinaven oil field (1992; operator: BP),
  Schehallion oil field (1993; operator: BP),
  Rosebank oil discovery (2004; operator: Chevron) etc

Map showing location of the licenses

• 2012
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• 2009
• 2008
• 2007
• 2006
• 2005
• 2004