WORLD 2021
Part 42: UK | Dagang NeXchange Bhd
DNeX buys remaining half of UK's Avalon Oilfield from Sumitomo
By Azanis Shahila Aman - August 9, 2021 @ 2:36pm
Quote:
KUALA LUMPUR: Dagang NeXchange Bhd's (DNeX) unit Ping Petroleum UK Ltd is buying the remaining 50 per cent stake in the UK offshore Avalon Oilfield from Sumitomo Corp for US$17 million.
The deal is said to stem from Sumitomo's intention to shift away from the fossil fuel business and DNeX's decision to avoid any potential conflicts should the 50 per cent be sold to a third party.
The Avalon Oilfield, which was initially discovered in May 2014 and further appraised in July 2017, lies entirely in the United Kingdom block 21/6b of the North Sea, 120 kilometres northeast of Aberdeen in 120 metres water depth.
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https://www.nst.com.my/business/2021...field-sumitomo