KUALA LUMPUR: Dagang NeXchange Bhd (DNeX), via its subsidiary Ping Petroleum UK Plc, has taken delivery of the Sevan Hummingbird floating production storage and offloading (FPSO) vessel from marine energy transportation company Teekay Corporation.
In a statement, the company said the acquisition of the FPSO is a crucial milestone in the Central North Sea Avalon Development project, which the company continues to progress after receiving a 'no objections' letter from the North Sea Transition Authority (NST) in March for its Avalon development plans.
Group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said the company anticipates full operational deployment of the facility on Avalon by 2025.
"We have a tangible asset ready with the newly acquired Sevan Hummingbird.
"Our next step is to secure approval for our Field Development Plan, which DNeX will submit in the coming months," he said.
Ping has also recently been granted a 19-month extension by NSTA to the second term of the P2006 licence extension for Avalon.
The extension provides the company additional time to optimise and gain full regulatory approval for the Avalon Field Development Plan.
The development concept includes plans to deploy the Sevan Hummingbird FPSO at the Avalon field, which will be modified to facilitate electrification from an external, low-carbon source.
The company stated it is evaluating options to connect the FPSO to a dedicated floating offshore wind turbine to power the facility, minimising diesel usage and associated greenhouse gas emissions.
The planned development allows Ping to expand and diversify its portfolio of producing assets in full compliance with the United Kingdom's energy security and net-zero targets.