ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

Sumitomo completes exit from shale oil with sale of US assets

Biden administration and competition push trading houses out of once-promising field

An oil worker walks toward a drill rig in Loving County, Texas.   © Reuters

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more