Jul. 26, 2019
Stake Acquired in Oil and Gas Venture Company Sekal AS in Norway
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) has acquired a stake in Sekal AS (Head Office: Norway; hereinafter, “Sekal”), a software technology company offering real time dynamic analytics and automated drilling process control for the oil & gas sector.
The Norwegian oil & gas sector is a leader in reducing costs and improving safety in oil & gas development. It is a successful technology development ecosystem where the private, public and academic sectors actively collaborate to develop innovative digital technology solutions for use in the oil & gas industry. Sekal is founded from this collaborative ecosystem with its software based on over two decades of research by the Norwegian Research Centre AS (NORCE) and its shareholders including NORCE, Equinor Technology Ventures, Saudi Aramco Energy Ventures and SakornInvest.
Oil & Gas drilling operations often take place in remote and harsh environments with rig sites remaining heavily dependent on onsite personnel. Sekal has developed one of the world’s most advanced software, enabling the operator to reduce human error by pro-actively providing the driller with real time monitoring and automated drilling process control. Together with Sekal, who embrace a vision of shaping the future of automated drilling, Sumitomo Corporation look forward to supporting further development of Sekal technology to bring further efficiency and safety to the Oil and Gas development.
Sumitomo Corporation is committed to continued investment in companies possessing innovative technology to embrace the needs of changing times and contribute to the world’s industrial development.
|■ Profile of Sekal|
■Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “Achieving Harmony with the Global Environment” and “Contributes to the Development of Local Communities and Industries” .