International Petroleum Corporation (IPC) has provided an update on the Blackrod Phase 1 development in Canada. Following substantial progress on the project achieved during 2025, IPC commenced first steam injection at the Blackrod Phase 1 project on December 20, 2025. As previously announced, IPC forecasts first oil production at the Blackrod Phase 1 project to occur in Q3 2026, a quarter earlier than originally guided.
William Lundin, IPC's President and Chief Executive Officer, comments: 'We are extremely excited to announce that first steam at the transformational Blackrod Phase 1 development project occurred in December 2025. The warm-up process, through steam circulation, for the initial set of wells is ongoing and we continue to forecast first oil production from Blackrod Phase 1 in Q3 2026. The Blackrod Phase 1 development remains on budget with a forecast growth capital expenditure of MUSD 850 to first oil. IPC plans to provide further updates on IPC’s forecast production and cash flows at our Capital Markets Day on February 10, 2026.'
The Blackrod asset is 100% owned by IPC and contains 259 MMboe of 2P reserves and 1,025 MMboe of contingent resources (best estimate, unrisked) as at December 31, 2024, with regulatory approval to produce up to 80,000 bopd. In early 2023, IPC sanctioned the Phase 1 development targeting plateau production rates of 30,000 bopd with a growth capital expenditure guidance of MUSD 850. As previously announced, from the Phase 1 project sanction to the end of Q3 2025, capital expenditures of MUSD 785 have been incurred, or approximately 92% of the MUSD 850 growth capital guidance to first oil.
Source: International Petroleum Corporation
