Offshore staff
KUALA LUMPUR, Malaysia – Dagang NeXchange subsidiary Ping Petroleum UK has entered an agreement with Summit Exploration and Production to acquire the latter’s 50% interest in the Avalon oil field in the UK central North Sea.
Completion of the deal would give Ping outright ownership of the field, which was discovered in block 21/6b in 2014 and appraised in mid-2017.
Ping has operated the surrounding license P.2006 since March 2018, and recently settled on its preferred development concept.
Renewal of the license, which is due to expire in June 2022, will depend on approval by the Oil and Gas Authority for the concept select report and development plan, which Ping aims to submit before the end of this year.
08/12/2021
