North Sea oil and gas minnow Ping Petroleum could soon be under new ownership, it is understood.
Malaysian firm Hibiscus Petroleum has opted to use a floating production, storage and offloading vessel (FPSO) to develop a number of assets in the UK North Sea.
Malaysian oil firm Hibiscus Petroleum said today that it expects to have a field development plan in place for two UK North Sea blocks by the end of this year.
A new water injection well has been drilled to boost production from Ithaca’s Cook field in the North Sea.
More than 1million additional barrels of oil are expected to be unlocked through a sidetrack well in the central North Sea later this year.