Sumitomo Corporation advises that it has entered an agreement for the entire share sale of Petro Summit Investment UK Ltd. (its wholly-owned subsidiary in U.K., hereinafter referred as PSIUK) to Idemitsu Kosan Co., Ltd. on November 12, 2009.

 

PSIUK currently owns 17 license interests and produces net approx. 5 thousand barrel par day oil equivalent from 9 producing field, such as Nelson.
The profile of PSIUK is as follows :

 

(1) Company Name: Petro Summit Investment UK Ltd.
(2) Location of Headquarters: London, United Kingdom
(3) Foundation: May, 2004
(4) Chief Executive Officer : D. Roy Phillips
(5) Business Description: Exploration and Development of Oil & Gas
(6) List of main assets to be transferred : As attached.

 
PSIUK has been the core of Sumitomo's E&P business in U.K. North Sea since '80s.
Sumitomo Corporation acquired new assets in the same region in May, 2009, made the decision to dispose PSIUK as the result of portfolio management which includes newly acquired assets.

 

Sumitomo Corporation will keep seeking better opportunities for reinvestment in U.K. North Sea since it remains unchanged as one of the most important areas in our Oil and Gas exploration business.

 

 

PSIUK Producing Fields Location

• Licenses holding by PSIUK (30KB/PDF)

 

Related Link

• Mineral Resources, Energy, Chemical & Electronics Business UnitMineral Resources, Energy, Chemical & Electronics Business Unit