Itochu Corporation is a trading firm handlign textiles, wood, machinery, metals, food, chemicals, construction materials, commodities and energy products such as oil and gas. As of 2013 the company was also diversifying into satellite communication and data communication.
Itochu Oil Exploration Co Ltd, also knowas as CIECO, is an operating subsidiary of the company and operates in upstream oil and gas - exploration, development and production. As of early 2013 CIECO's Exploration and Production (E&P) business covered 10 countries globally. The upstream portfolio included operations in Azerbaijan, the UK North Sea, Russia, Algeria, Australia, and Indonesia.
The company began in the early 1970s with the acquisition of petroleum interests in Indonesia (offshore SW Sumatra and NW Java), leading to the establishment of Japan Low Sulfur Oil Company Ltd (JALOSCO). IN 1972, Itoh Energy Development Co., Ltd. (CIECO) was formed and in 1984 JALESCO merged with CIECO, leading to the current corporate structure. While operating in Indonesia during the 1980, the company then expanded its operations into other regions. In 1993 CIECO changed its corporate name to ITOCHU Oil Exploration Co. Ltd.