KUALA LUMPUR: Dagang Nexchange Bhd
's (Dnex) business unit, Ping Petroleum UK PLC, has expanded its North Sea portfolio with an additional three licences.
In a statement, Ping said two of the licences - for the Glenn and Hutton fields - are from the UK's 33rd licencing round, while the third is the Pilot development, after the business completed the acquisition of an 81.25% stake from Orcadian Energy.
According to Ping, 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 while also evitalising the historic Hutton field in the Northern North Sea.
The company said it continues to support Anasuria Operating Company, which it calls 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," it added.
Ping Petroleum 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."
He added that the company expects these projects to potentially come to first oil soon after the projected end of the Energy Profits Levy (EPL).
