Ping inks wind power MoU for UK’s Avalon project
LONDON, August 3, 2022 – Ping Petroleum has signed an MoU with renewables developer Cerulean Winds to develop a dedicated floating wind turbine for the company’s Avalon oil project on the UK’s North Sea, the IOC announced on Tuesday.
Under the agreement, the two companies will form a joint venture to deploy and operate the asset.
The turbine will be connected to the project’s FPSO with the goal of minimising diesel and fuel gas usage.
The development will be the first oil and gas project to meet the UK government’s emissions reduction targets under the North Sea Transition Deal signed in March 2021.
Ping Petroleum is currently in the planning stages of the Avalon project, with the finalised field development plan and FID expected in 2023.
The Avalon play holds an estimated 23 million barrels of oil and is expected to come on stream by mid-2025.