International Petroleum Corporation (IPC) is an independent oil and gas exploration and production company that was spun out of Lundin Petroleum in 2017. Headquartered in Vancouver, Canada, the company focuses on acquiring, developing, and optimizing mature, long-life conventional and unconventional oil and gas assets. IPC's geographic footprint spans three core regions: Canada, Malaysia, and France. The Canadian operations are the primary revenue driver, contributing the vast majority of the company's production and cash flow, highlighted by the Blackrod thermal oil development project and other assets in Alberta and Saskatchewan. The Malaysian portfolio includes the Bertam field, while the French assets consist of mature producing fields in the Paris and Aquitaine basins.
IPC's business model centers on maximizing free cash flow from late-life fields through enhanced recovery techniques, debottlenecking, and disciplined cost management, while selectively pursuing organic growth and opportunistic M&A. The company generates its revenue entirely from the sale of crude oil, natural gas, and natural gas liquids. By leveraging its technical expertise in brownfield optimization and thermal recovery, IPC maintains a balanced, liquids-weighted portfolio that provides a stable production base and supports a capital returns framework of share buybacks and strategic reinvestment.
