2022 is ‘opportune time’ to go ahead with UK Avalon oilfield: DNeX

2022 is ‘opportune time’ to go ahead with UK Avalon oilfield: DNeX

Malaysia’s Dagang NeXchange (DNeX) has said 2022 is the “opportune time” to press ahead with a new North Sea development as commodity prices surge.

DNeX, owns Ping Petroleum, the operator of the Avalon oilfield, and said that on the back of Brent Crude surpassing $100 a barrel, Ping “will directly benefit due to higher average selling prices, resulting in an increase in profitability”.

In accounts published last week, it added: “It is an opportune time for Ping to monetise the attractive reserves in the Anasuria Cluster and execute the development of our greenfield asset, such as Avalon Oil Development.”