Summit Exploration and Production Ltd is a London based, wholly owned subsidiary of the Sumitomo Corporation. The company is focused on finding, developing and producing oil and gas assets.
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.
In 2009 the company was approved as an operator for exploration in the UK North Sea.
A major milestone in 2009 was the acquisition of 100% of the share capital of Oranje-Nassau (U.K.) Limited as part of an asset replacement activity. During the same year some existing assets within the North Sea were divested.
In 2012 Summit drilled its first well as an operator.
In 2014 Summit divested some of its production assets and drilled a successful discovery in the Avalon prospect. The divestment was by way of a company sale of the existing company, Summit Petroleum Ltd, with all retained assets moved to the current operating company, Summit Exploration and Production Ltd.
With these activities, Summit is positioning itself to obtain a good balance between exploration, development and production assets.