Ping Petroleum receives 3-year extension for North Sea license

Ping Petroleum UK plc received a 3-year extension from the North Sea Transition Authority (NSTA) for the second term of License P2244 in Block 21/27a in the Western Platform in the Central North Sea, partner Orcadian Energy plc noted in a release Nov. 24.

The license contains Pilot field, and partners are preparing a refreshed sub-surface description of the field using 3D seismic. The data will help progress the project towards a final investment decision, the company said. Partners expect to use polymer flooding and wind power to produce oil from the field. 

Pilot field has contingent resources of 79 million bbl of a viscous oil ranging in gravity from 17º API in the southern portion of the reservoir to 12º API in the north. The Western Platform has the potential to produce a total recoverable resource of over 100 million bbl from Pilot and adjacent discoveries, according to Orcadian.  

The new license expires Dec. 1, 2028.

Ping Petroleum is operator of P2244 and the Pilot development project (81.25%). Orcadian holds the remaining 18.75% interest.