International Petroleum Aims for Growth in Production

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In the next decade, International Petroleum has set its sights on increasing its production levels significantly. The company plans to achieve an average output of approximately 55,000 oil-equivalent barrels per day from 2023 to 2028. Following that, they anticipate a further surge to about 65,000 barrels per day for the subsequent five years.

Current Guidance

For this year, International Petroleum has projected an average net production of 46,000 to 48,000 barrels of oil equivalent per day. Moreover, they expect their full-year operating costs to range between $18 and $19 per oil-equivalent barrel. Additionally, they have allocated $437 million for capital and decommissioning expenditures in 2024.

Future Targets

Between 2024 and 2028, International Petroleum aims to achieve an average net production of approximately 55,000 boepd (barrels of oil equivalent per day) while keeping capital expenditure at $11 per boe (barrel of oil equivalent). Looking further ahead, from 2029 to 2033, the company’s projections indicate an average production of roughly 65,000 boepd and a decreased capital expenditure of $5 per boe.

Impressive 2023 Production Figures

In the last quarter of the previous year, International Petroleum’s assets yielded an average net production of 49,600 boepd, aligning with the higher end of the company’s projections. The full-year production for 2023 reached a record high of 51,100 boepd, meeting the company’s guidance of exceeding 50,000 boepd.

During the fourth quarter, the company reported operating costs per boe at $18.30. Notably, their operating costs for the entire year of 2023 remained consistent with guidance at $17.60 per boe, falling within the expected range of $17.50 to $18 per boe.

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