3 March 2005 – LAWFUEL – The Law News Network – Randel Young, partner in Fulbright & Jaworski’s Houston office, acted as acquisition counsel to Sumitomo Corporation in the acquisition of nine producing and one undeveloped gas field in the US Outer Continental Shelf.
The fields acquired by Sumitomo have expected production of approximately 5,000 barrels of oil equivalent per day. The purchase price was approximately US$150 million. The transaction was the next step in Sumitomo’s current effort to strengthen its worldwide energy businesses in response to rising world oil and gas prices. It follows two similar recent acquisitions in the UK’s North Sea, but was the company’s first upstream oil and gas investment in the United States.