Oct. 27, 2021
Sale of Oil and Gas Upstream Business in Norway
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) through Osaka Gas Summit Resources Co., Ltd. (hereinafter “OSR”), a joint venture with Osaka Gas Co., Ltd. (hereinafter “Osaka Gas"), has been engaged in the oil and gas upstream business in Norway (hereinafter the “Business") led by Idemitsu Kosan Co., Ltd. (hereinafter “Idemitsu") since 2005.
Sumitomo Corporation is announcing today that it has decided to sell together with Osaka Gas all shares of Idemitsu Snorre Oil Development Co., Ltd. held by OSR to INPEX Corporation.
Sumitomo Corporation has set a goal of shifting its business portfolio under its Medium-Term Management Plan, "SHIFT 2023" and has been proactively working to replace its assets.
Sumitomo Corporation will continue to replace assets and invest the recovered management resources in strengthening and nurturing our core primary revenue streams by leveraging our strengths to complete "SHIFT 2023”.
■Diagram of the Business Scheme
*Idemitsu also sells a portion of its ISD shares to INPEX.