ABERDEEN, UK — Ping UK has completed a farm-in to license P2451 in the UK central North Sea, containing the undeveloped Fyne Field.
The location is close to the Hibiscus Petroleum-operated FPSO Anasuria serving the producing Anasuria cluster fields. These include Teal, Teal South, Guillemot A and Cook (Ping is a partner in all four).
The farm-in gives the company a 42.5% share of the P2451 license, with Hibiscus also owning 42.5% and Rapid Oil holding 15%.
Fyne, with estimated in-place oil of about 75 MMbbl, is 16 km from the FPSO in 90 m water depth.
Ping’s managing director Zainal Abidin Jalil said, “Fyne provides a material addition to our existing portfolio and extends our high return opportunities to drive production and cash-flow growth through an attractive and competitive tieback to Anasuria.”
The partners see further development opportunities across the license areas including potential re-developments, which could be tied back to the FPSO or another potential hub.