Sumitomo Corporation has signed an alliance agreement with Gas Technology Institute (GTI) to help Japanese companies take on a larger role in unconventional gas businesses.
Expanding markets
The development of unconventional gas, which gained momentum from the US shale gas revolution, continues to increase and its possibilities are expanding worldwide. The volume of recoverable resources has exponentially increased, thanks to a number of technological breakthroughs in recent years, while related markets are also expanding.
The downhole equipment and related drilling services market is reportedly valued at over 40 trillion yen, while over 25 000 companies have an interest in the industry. To further develop this growing market, GTI and Sumitomo Corporation will provide Japanese companies with technology and evaluation techniques. The companies intend to use their networks to full potential to support Japanese players in their attempts to commercialise and expand into the global market.
Adapted from press release by Katie Woodward