DNeX takes over UK’s Avalon oilfield

UK

ABERDEEN, August 10, 2021 – Dagang NeXchange has agreed to buy the 50%  remaining shares of the Avalon oilfield offshore Scotland from Sumitomo, the Malaysian service provider said on Monday.

The deal was made through through DNeX subsidiary Ping Petroleum and Sumitomo subsidiary Summit Exploration and Production.

The deal is expected to be approved in Q3 2021 and with total purchase consideration of USD 17 million.

The Avalon field lies on Block 21/6b in water depths of 120 metres 120 kilometres from Aberdeen. It is expected to contain 15.5 million barreIs.

It was discovered in May 2014 and appraised in July 2017.

Ping plans on doing initial FEED works and to begin drilling development wells in Q2 2023. Oil production is expected in July 2023.

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