- Business
- International Petroleum Corporation (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets in Canada, Malaysia and France. Founded in 2017 and headquartered in Vancouver, Canada, IPC engages in the exploration, development and production of crude oil, natural gas and natural gas liquids from its upstream assets, including thermal heavy oil projects such as Blackrod Phase 1, Onion Lake Thermal and Suffield Area in Canada; the Bertam field in Malaysia; and development opportunities in France. The company reports 2P reserves of 493 million barrels of oil equivalent and over 1.1 billion boe of contingent resources as of year-end 2024, with full-year 2025 average net production guidance of 43,000 to 45,000 boe per day and operating costs of USD 18 to 19 per boe.
IPC operates through geographic segments in Canada, Malaysia, France and other areas, deriving key revenue from crude oil sales while serving worldwide markets as a member of the Lundin Group of Companies, with shares listed on the Toronto Stock Exchange and Nasdaq Stockholm under the ticker IPCO.
Recent developments include the Blackrod Phase 1 steam-assisted gravity drainage project progressing ahead of schedule, with first steam expected by year-end 2025 and first oil by Q3 2026; refinancing of USD 450 million bonds maturing in October 2030; completion of the 2024/2025 normal course issuer bid reducing outstanding common shares by 6.2%; and TSX approval in December 2025 for renewal of the 2025/2026 NCIB to repurchase up to 6.5 million shares representing 5.8% of outstanding shares. IPC also approved a USD 320 million capital and decommissioning budget for 2025, with USD 230 million allocated to Blackrod, alongside planned infill drilling at Bertam and technical studies in France.