Dagang NeXchange Berhad announced that Ping Petroleum UK PLC a business unit under the Company’s energy division held via DNeX Energy Sdn. Bhd., which in turn is a wholly-owned subsidiary of the Company had increased its North Sea portfolio with the addition of three licenses to its North Sea portfolio
The two are from the UK’s 33rd licencing round, the Glenn and Hutton fields, and the third is the Pilot development, after the business completed the acquisition of an 81.25 per cent stake from Orcadian Energy.
The new acreage brings significant additional resources to its UK Continental Shelf portfolio, now totalling in excess of 100 MMboe in the central North Sea whilst also revitalising the historic Hutton field in the Northern North Sea. The company said it continues to support Anasuria Operating Company, one of the most efficient operators in the North Sea. Along with Ping’s Fyne interest and the progressing development of Avalon, these additional licences establish a considerable development portfolio for the business.
Ping Petroleum’s Managing Director Zainal Abidin Jalil said: “We are very excited about these licences and we believe we can use our technical skills from across our expert teams based in Aberdeen and Kuala Lumpur to extract significant value at low cost and very low emissions.
Hutton, which was discovered in 1973, produced oil through the1980s and 1990s before it was shut in in 2001. Meanwhile, Ping’s Malaysian operation continues to progress its three licences with the first development expected to deliver first oil next year. The company employs an outsourced model, enabling it to maintain efficiencies while backing local service providers and fostering information exchange between its two offices.
