Japan’s Sumitomo Exits Marcellus Shale Project

Japan’s Sumitomo Corporation on September 7 announced it had closed a transaction three days earlier to sell its share of the Marcellus shale gas project and its relevant assets in the US state of Pennsylvania. The company did not disclose the deal's value, nor the identity of the buyer.

Sumitomo bought 30% stake in the assets through its consolidated US subsidiary, Summit Discovery Resources, in September 2010, from Rex Energy for $140mn. This was the company's second shale-gas investment after an initial foray at the Barnett shale gas project in Texas.

Marcellus shale gas project is now 70% owned and operated by PennEnergy Resources.