Sumitomo Petroleum Development Co., Ltd.

Sumitomo Petroleum Development Co., Ltd. was established in January 1973 by 35 Sumitomo Group companies. In January 2003, Sumitomo Corporation acquired 96.3% of its shares, making it a de facto subsidiary. In May 2005 it merged with Petro Summit Investment Co., Ltd., with the latter as the surviving company. In December 2008 it changed its name to Petro Summit Oil Development Co., Ltd., and in April 2020 it changed its name to Summit Energy Development Co., Ltd. In June 2022 it completely withdrew from the oil development field, shifting to natural gas development and carbon neutralization efforts. As of January 2025 it had 14 officers and employees, capital of 100 million yen, and is 100% owned by Sumitomo Corporation, headquartered in Chiyoda-ku, Tokyo.

Sumitomo Petroleum Development Co., Ltd. was established in January 1973 by 35 Sumitomo Group companies, with business operations spanning the Middle East, the British North Sea and other regions. In January 2003, Sumitomo Corporation acquired 96.3% of its shares, making it a de facto subsidiary. In May 2004, Petro Summit Investment Co., Ltd. was established as Sumitomo Corporation's 100% oil and gas development company; it acquired 100% of Intrepid Energy CNS Ltd., which held the Nelson and Howe oil fields, from the UK's Intrepid, and renamed itself Petro Summit Investment UK Ltd. In August 2005, Sumitomo Petroleum Development and Petro Summit Investment merged, with Petro Summit Investment as the surviving company. In October 2005, Osaka Gas Summit Resources Co., Ltd., jointly established with Osaka Gas Co., Ltd., acquired part of the shares of Idemitsu Snorre Petroleum Development Co., Ltd., which conducts oil and gas development in the Norwegian North Sea, giving participation in Norwegian operations. In March 2008, oil and gas upstream equity assets were transferred to Sumitomo Corporation. In December 2008, the company changed its name to Petro Summit Oil Development Co., Ltd. In May 2009, Sumitomo Corporation acquired 100% of Orange Nassau (UK) Limited, which held interests in four oil and gas fields in the UK North Sea and onshore, from the Dutch oil development company Orange Nassau, and renamed it Summit Petroleum Limited. In November 2009, the UK local operating company Petro Summit Investment UK Ltd was sold. In December 2009, Sumitomo Corporation acquired a 12.5% interest in the Barnett Shale gas business in Texas held by US company Carrizo, establishing Summit Discovery Resources (SDR). In September 2010, Sumitomo Corporation acquired approximately 30% interest in the Marcellus Shale gas business in Pennsylvania held by US company REX, establishing SDR II. In September 2012, Sumitomo Corporation acquired 30% interest in the tight oil business in the Permian Basin in Texas held by US company Devon, establishing SDR III. In June 2014, Summit Discovery Resources, LLC, Sumitomo Corporation's US local operating company, sold the Barnett Shale assets. In July 2014, Sumitomo Corporation sold the UK local operating company Summit Petroleum Limited and newly established Summit Exploration and Production Limited. In August 2015, Sumitomo Corporation established Summit Vietnam Petroleum Development Co., Ltd. In September 2016, Sumitomo Corporation sold the tight oil business in the Permian Basin. In April 2020, the company changed its name to Summit Energy Development Co., Ltd. In September 2021, Sumitomo Corporation participated in a decarbonization study centered on the UK's Bacton gas terminal. In June 2022, it completely withdrew from the oil development field, shifting to natural gas development and carbon neutralization efforts. In January 2023, it celebrated its 50th anniversary.

Transition energy and carbon neutralization through natural gas/LNG and decarbonization technologies, contributing to Japan's energy security.

Product categories. Oil exploration, development and production · Natural gas exploration, development and production · LNG business · CCS/CCUS · Geothermal development

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2. 2沿革 ｜ サミットエネルギー開発株式会社psep.co.jp
3. 3会社案内 ｜ サミットエネルギー開発株式会社psep.co.jp
4. 4会社概要 ｜ サミットエネルギー開発株式会社psep.co.jp
5. 5Sumitomo Petroleum Development Co., Ltd. (Japan)wikidata.org