Summit Exploration and Production Ltd is a London based, wholly owned subsidiary of the Sumitomo Corporation. The company is currently focused on finding, developing and producing gas assets, and is developing new business streams in the low carbon energy space, in collaboration with other Sumitomo companies.
Company History & Milestone dates
In the 1980s the Sumitomo Corporation expanded operations to establish a core area of business in the UK North Sea, ahead of other privately owned Japanese companies. Initially the company held a non-operator interest in several UK producing fields.
In 2008, there was a change of focus in the company to expand exploration activity, resulting in an increase in staff and technical capabilities both in Japan and the UK, and in the following year, the company was approved as an operator for exploration in the UK North Sea.
In 2009 a major milestone was reached with the acquisition of 100% of the share capital of Oranje-Nassau (U.K.) Limited to boost the portfolio, while some existing assets within the North Sea were divested.
In 2012 Summit drilled its first well as an operator on the Orchid prospect, and in 2014, Summit made a discovery with its first well on the Avalon prospect. This was followed up by further operated wells in 2017 including a successful appraisal of Avalon.
Also in 2014, producing assets were divested, by way of a corporate sale of the existing company, Summit Petroleum Ltd, with all retained assets moved to the current operating company, Summit Exploration and Production Ltd.
From early 2019, with new senior management on board, Summit strived to grow its portfolio of exploration, development and production assets, organically and inorganically, resulting in significant exploration license awards in the 30th and 32nd licensing rounds.
Following a strategic review in 2021, and to align with the corporate direction of its shareholder Sumitomo Corporation, Summit is undertaking a shift away from investments in upstream oil assets, to focus more on the gas chain, and especially in the development of new business in low carbon energy, including blue hydrogen, CCUS, offshore electrification and geothermal.