Petro Summit Investment UK Limited (PSIUK), the UK oil and gas exploration and production subsidiary company of Sumitomo Corporation of Tokyo, Japan, has appointed D. Roy Phillips as Chief Executive Officer.
Roy started his career in the oil industry in 1973 with ten years at Exxon located in the UK, Norway and USA, and from there spent two years with Sohio working on Prudhoe Bay, Alaska. This was followed by 18 years with Kerr-McGee Corporation in a number of petroleum engineering, operations and management roles in both the North Sea and North America, culminating in the position of Managing Director of Kerr-McGee’s UK North Sea organisation from 1999 until 2002. During this period the company’s UK reserves grew from 200 to 450 million barrels of oil equivalent.
In 2002 he joined Newfield Petroleum with the remit to build a UK North Sea business with full operator capabilities. This was achieved, and verified by the successful sale of the 50 million barrel oil equivalent company to Centrica in October 2007.
The appointment is in line with Sumitomo’s strategy to grow the already established business of PSIUK through participation in additional exploration prospects and undeveloped discoveries, and acquisition of producing properties. PSIUK is also expanding its current organisation and expertise to include the necessary capabilities of a North Sea exploration and production Operator.
PSIUK already has a substantial portfolio in the UK Central North Sea (CNS) including interests in the Nelson, Howe, Blake, Ross, Galley, Balmoral, Beauly, Stirling, and Orion producing fields. PSIUK also has interests in a number of prospects and discoveries, and will participate in a number of exploration, appraisal and development wells during 2008 and beyond.
Iwao Okamoto, Senior Managing Executive Officer & GM of Mineral Resources and Energy Business Unit of Sumitomo Corporation, said:
“We are delighted that Roy has joined Petro Summit. With his industry contacts and track record of business growth and project delivery we are confident that our UK exploration and production business will go from strength to strength.”
Commenting on his appointment as PSIUK’s Chief Executive Officer, Roy Phillips, said:
“My task is clear, to grow the business from its current sound foundations into a much larger entity with operating capabilities. The company has a conservative balance sheet, and enjoys the financial capacity and support of the Parent to pursue substantial projects. I am looking forward to the challenge.”
For further information, contact:
Tony Ohtani, Director, PSIUK
Vintners’ Place
68 Upper Thames Street
London EC4V 3BJ
0207 246 3868
Email: ohtanit@summitoil.co.uk
Posted by Aquila Financial on Thursday, March 13, 2008 10:03
Location UK
Category Company News Release
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