Japan's Sumitomo Exits US Shale Biz
Japan’s Sumitomo Corporation has exited the US shale business with the sale of its interest in a Texas Eagle Ford shale oil development, it said on February 4 in its quarterly results report. It bought a stake in the project in 2018.
This comes months after the Japanese trading house sold its share of the Marcellus shale gas project and its relevant assets in the US state of Pennsylvania.
Wood Mackenzie earlier this week said that Japanese entities are likely to divest most of their non-operated stakes in smaller oil and other non-core assets in an effort to rationalise upstream portfolio.