Summit E&P Ltd (“Summit”), a wholly owned subsidiary of Sumitomo Corporation (“Sumitomo”) is delighted to announce that it has been invited by OGA to take on significant roles in the initial stages of the Bacton Energy Hub project, as Lead of the Hydrogen Supply Special Interest Group (“SIG”), a Core Member of the Hydrogen Demand SIG and a Contributor to the Regulatory SIG. These SIGs, together with two others, will jointly develop an executable development concept for the Bacton Energy Hub area plan.
The Bacton Energy Hub is envisaged to play a major role in the UK’s energy future through the production of hydrogen from natural gas (with associated capture and storage of carbon dioxide) and from electrolysis powered by renewable and nuclear energy. Hydrogen is recognised to be a critical energy vector for the UK to achieve net zero by 2050 and it is a core element of Summit’s low carbon energy strategy to become involved in the hydrogen business as it develops in the UK over the next few years.
Summit will bring in not only its offshore E&P expertise and experience to the Bacton Energy Hub, but also that of Sumitomo, and those of its sister companies within the Corporation, increasing the diversity of knowledge across the disparate value chains in the development of such new markets. In particular, Sumitomo’s exposure to hydrogen projects and developments in many parts of the world, and its history of energy, infrastructure, digitalisation and commodities will lend breadth and strength to Summit’s roles in Bacton.
John Austin, CEO of Summit E&P Ltd, stated:
“This is an important step in the transition of Summit, and Sumitomo, to a lower carbon future. As Sumitomo shifts its investment away from fossil fuels and aims towards net zero, Summit’s role in the development of new Hydrogen Energy systems in the UK, including Bacton, will be an important component of establishing a long-term sustainable low carbon energy business”
