TOKYO -- Japanese trading house Sumitomo Corp. has offloaded the last of its interests in shale development with the sale of oil operations in Texas, as the arrival of a more climate-conscious White House clouds the outlook for fossil fuels.
The group sold its oil production assets in the Eagle Ford Shale formation to an American oil company in a deal thought to be worth tens of millions of dollars. This follows the sale in September of Sumitomo's roughly 30% stake in a shale gas project in Pennsylvania's Marcellus Shale.
