Commencement of Crude Oil production from Western Isles Development Project, U.K. North Sea

November 22, 2017

CIECO Exploration and Production (UK) Limited (“CIECO UK”, London U.K.), a 100% owned subsidiary of ITOCHU Corporation (headquarters: Minato-ku, Tokyo; President and CEO: Masahiro Okafuji; hereinafter “ITOCHU”), holding a working interest of Block 210/24a, has been pursuing Western Isles Development Project (“WIDP”) at the aforementioned block with operator, Dana Petroleum Limited (headquarters: Aberdeen, U.K. hereinafter “Dana”). First oil from the project has been achieved.
The newly-built Floating Production, Storage and Offloading System is operating and approximately 40,000 barrels of gross daily production is expected at peak, equivalent to approximately 10,000 barrels per day as ITOCHU’s net production. Financial guarantees for WIDP are provided by Japan Oil, Gas and Metals National Corporation (JOGMEC).