Report: UK North Sea operator up for sale

Ping Petroleum, a private company with assets in the UK North Sea, has reportedly been put up for sale.

Illustration: Anasuria FPSO / Image source: Shell
Illustration: Anasuria FPSO / Image source: Shell

According to the Malaysian business website The Edge Markets, Jefferies International has been tasked with finding a buyer for the company that owns a 50 percent share in the Anasuria Cluster of oil fields in the UK North Sea which it acquired from Shell together with Hibiscus Energy for $105 million in 2015.

The Anasuria Cluster consists of the Teal, Teal South, Guillemot, and Cook fields which produce to the Anasuria FPSO, and is operated by Anasuria Operating Company jointly owned by Ping and Hibiscus.

Ping Petroleum, incorporated in Bermuda in 2012, is a privately held upstream company, with the largest shareholder being DNeX of Malaysia which in September 2015 acquired a 30 percent share in the company for $10 million. While The Edge Markets did not provide the estimated sale value of Ping, it has said that DNeX “may make a killing,” from the potential sale.

Ping Petroleum did not respond to Offshore Energy Today’s email seeking confirmation of the report by The Edge Markets on the reported proposed sale of the company.

Ping Petroleum's assets - Source: Ping Petroleum
Ping Petroleum’s assets – Source: Ping Petroleum

As for the recent operations, Ping and Hibiscus are working on the GUA-P1 sidetrack project, which offers an opportunity to re-enter the existing GUA-P1 wellbore and potentially drain additional volumes of hydrocarbons from the Guillemot A field, part of the Anasuria Cluster.

Hibiscus said in a recent that this project is targeted to unlock approximately 1.7 million bbls of oil from Anasuria Hibiscus UK’s current net 2P Reserves.

According to Hibiscus, operations on the GUA-P1 ST have started with the Stena Spey drilling rig mobilized to location and deployed anchors on May 17, 2019.

AOC in February 2019 signed a rig sharing agreement with Ping Petroleum to assume the services of the Stena Spey semi‐submersible offshore drilling unit, for a minimum duration of 45 days, to drill the GUA‐P1 side‐track well.

According to DNeX, following the Gua-P1 ST, a development well would be drilled in Avalon field and will be executed by Ping as the operator of the field. This is part of the development program to develop and bring production online to the Avalon field, DNeX said in March.

Offshore Energy Today Staff

Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Share this article

Follow Offshore Energy Today


<< Feb 2020 >>
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >


Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >


Looking to fill a job opening?

By advertising your job here, on the homepage of, you'll reach countless professionals in the sector. For more information, click below...


Looking to fill a job opening?

By advertising your job here, on the homepage of, you'll reach countless professionals in the sector. For more information, click below...