International Petroleum

What International Petroleum does

International Petroleum Corporation (IPC) is a Vancouver-headquartered, publicly listed international oil and gas exploration and production (E&P) company that produces crude oil (heavy, light, and medium grades) and natural gas from a diversified asset base in Canada, Malaysia, and France. Founded in 2001 and dual-listed on the Toronto Stock Exchange and Nasdaq Stockholm under the ticker IPCO, IPC is a member of the Lundin Group of Companies. As at year-end 2025, the company held 521 MMboe of 2P reserves with a 31-year reserve life index plus 1,224 MMboe of contingent resources, and guided 2026 average net production to 44,000–47,000 boepd with operating costs of USD 18–20/boe.

The company's core technology centers on Steam Assisted Gravity Drainage (SAGD) thermal recovery, deployed most notably at the Blackrod Phase 1 project in Alberta — the largest greenfield thermal development in the province in a decade. Phase 1 achieved first oil on May 31, 2026, ahead of schedule and on budget at USD 855 million of growth capital, targets a 30,000 bopd plateau by late 2027, and carries regulatory approval for expansion up to 80,000 bopd. IPC also operates the Onion Lake Thermal project in Canada, the Bertam field in Malaysia (light/medium crude), and the Paris Basin assets in France (light/medium crude and natural gas).

IPC generates revenue through commodity sales of crude oil and natural gas at international benchmark prices (Dated Brent, WTI, WCS, AECO), distributed via bilateral contracts and commodity exchanges to refiners, traders, and industrial buyers. Q1 2026 revenue was USD 173 million; full year 2025 operating cash flow was USD 259 million. The company finances growth primarily through operating cash flow supplemented by senior unsecured bonds (USD 450M outstanding at B+/B1 ratings, maturing October 2030) and executes share buybacks via its NCIB program to return capital to shareholders.

Name

International Petroleum

Legal name

International Petroleum Corporation

Website

https://international-petroleum.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

International Petroleum Corporation (IPCO) is a Lundin Group-affiliated, publicly listed international upstream oil and gas producer with assets in Canada, Malaysia, and France, generating revenue from crude oil and natural gas commodity sales with 521 MMboe of 2P reserves and a flagship Blackrod SAGD development now in production.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD)

akta.pro secondary industry

Unbranded/Spot Fuels Distribution (Rack Sales) (EUALAIAC)

Keywords

• Oil and gas exploration
• Upstream oil production
• Crude oil sales
• Natural gas production
• Thermal oil recovery

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Commodity Sales: IPC generates revenue through the sale of crude oil (heavy, light, and medium grades) and natural gas produced from its assets in Canada, Malaysia, and France. The company benefits from diversified production mix and exposure to international commodity prices (Brent, WTI, WCS differentials). Revenue is exposed to oil price volatility with Q1 2026 revenue of USD 173 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

International Petroleum Corporation is an international upstream oil and gas exploration and production company that extracts and sells heavy, light, and medium crude oil and natural gas from producing assets in Canada, Malaysia, and France. Its product mix is approximately 52% heavy crude, 15% light/medium crude, and 33% natural gas, with 2P reserves of 521 MMboe supporting a 31-year reserve life index and 2026 production guidance of 44,000-47,000 boepd.

Product overview

International Petroleum Corporation (IPC) is an international upstream oil and gas exploration and production company with a high-quality portfolio of assets located in Canada, Malaysia, and France. The company's product portfolio consists of producing oil and gas assets including thermal heavy oil operations in Canada (Blackrod Phase 1, Onion Lake Thermal), conventional fields in Malaysia (Bertam), and gas production in France (Paris Basin). IPC's flagship development is the Blackrod Phase 1 SAGD project in Alberta, which achieved first oil in May 2026. The company produces approximately 43,000-47,000 boepd across its asset base, with 2P reserves of 521 MMboe and over 1.2 billion boe of contingent resources as of year-end 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Canada Oil and Gas Operations IPC's Canadian producing asset base including the Blackrod SAGD project, Onion Lake Thermal, Suffield Area, and other Canadian properties. The Canadian portfolio is the company's largest production base, contributing heavy crude oil output as part of IPC's overall commodity mix.
• Malaysia Operations IPC operates the Bertam field in Malaysia, contributing light and medium crude oil production to the company's overall diversified portfolio.
• France Operations IPC operates the Paris Basin assets in France, providing light and medium crude oil and natural gas production to the company's commodity mix.
• Blackrod Phase 1 SAGD Project Flagship SAGD (Steam-Assisted Gravity Drainage) thermal oil sands development in Alberta, Canada. Phase 1 targets 30,000 bopd plateau production with 2P reserves of 311 MMboe and regulatory approval for expansion up to 80,000 bopd. IPC holds 100% working interest in over 1.45 billion barrels of recoverable resource within the contiguous reservoir.
• Onion Lake Thermal Project IPC's Onion Lake Thermal asset in Canada is a producing thermal heavy oil project contributing to the company's heavy crude production base with ongoing sustaining capital investment including infill well development.

Quantifiable outcome

• Phase 1 delivered on budget at USD 855M vs original estimate of USD 850M, with only USD 5M overrun
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor and core.

• Montage Gold Corp.minorStrategic or Co-development Partner · 25 June 2026William Lundin, President and CEO of International Petroleum Corporation, appointed as Non-Executive Director to Montage Gold's Board. Montage Gold is positioning itself as a future African gold producer with flagship Koné project in Côte d'Ivoire targeting first gold production in late Q4-2026. Lundin brings extensive resource development experience.
• Lundin FoundationcoreStrategic or Co-development PartnerUnique relationship with the Lundin Foundation providing direct access to a network of ESG, sustainability, and reporting subject matter experts. The Foundation is connected to a global community committed to knowledge sharing, collaboration, and elevating best practices. IPC leverages this relationship to develop and implement their sustainability strategy.
• First ClimatecoreStrategic or Co-development PartnerPartnered with First Climate, one of the world's leading providers of climate protection solutions. Currently engaging in multiple offset projects including forest preservation, expansion of renewable energy, and clean cooking and access to safe drinking water in developing nations.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Vermilion Energy: Vermilion Energy is an international E&P producer with operations across Canada, France, Ireland, Germany, the Netherlands, and Australia. Most directly comparable to IPC given the international geographic diversification, mix of heavy oil and natural gas, and similar production scale of approximately 100,000 boepd.
• Crescent Point Energy: Crescent Point Energy is a Canadian intermediate E&P focused on light/medium crude and natural gas in the Williston Basin and Montney/Duvernay. Comparable to IPC as a TSX-listed intermediate producer with similar size and Western Canadian asset exposure.
• Baytex Energy: Baytex Energy is a Canadian heavy oil and natural gas E&P with assets in Alberta, Saskatchewan, and the Eagle Ford. Comparable to IPC given its heavy oil focus, similar production scale (~150,000 boepd), and TSX/NYSE listing profile.
• Whitecap Resources: Whitecap Resources is a Canadian intermediate E&P with diversified operations across conventional oil, liquids-rich gas, and tight oil. Comparable to IPC as a similarly diversified TSX-listed intermediate producer with heavy oil weighting.
• Cardinal Energy: Cardinal Energy is a Canadian-focused E&P producing light, medium, and heavy oil in Alberta and Saskatchewan. Comparable to IPC as a smaller intermediate Canadian heavy oil producer with similar capital return focus via dividends and buybacks.
• Tamarack Valley Energy: Tamarack Valley Energy is an intermediate Canadian E&P with operations in the Clearwater heavy oil play and Duvernay light oil. Comparable to IPC given similar production scale (~65,000 boepd), heavy oil weighting, and TSX listing.
• Surge Energy: Surge Energy is a Canadian intermediate E&P with operations across Alberta and Saskatchewan producing light, medium, and heavy crude oil plus natural gas. Comparable to IPC as a similar-sized TSX-listed Canadian diversified producer.
• Parex Resources: Parex Resources is a Colombian-focused E&P producer with operations in the Llanos and Magdalena basins. Comparable to IPC as a mid-cap international E&P with single-country international operations and similar production profile.
• Frontera Energy: Frontera Energy is a Latin America-focused E&P with operations in Colombia, Ecuador, Peru, and Guyana. Comparable to IPC given its international diversification, similar production scale, and TSX listing profile.

Broad incumbents

• Canadian Natural Resources: Canadian Natural Resources is Canada's largest oil and gas producer with operations across oil sands, conventional, and international assets. Comparable to IPC as a broad Canadian upstream incumbent with oil sands exposure, though significantly larger at over 1.4 million boepd production.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/IntPetroleumCo
• LinkedInlinkedin.com/company/internationalpetroleumcorp

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about International Petroleum