Avalon, a new oilfield in the North Sea, has received approval by the North Sea Transition Authority (NSTA) for its development concept. The next step for operator Ping Petroleum, a branch of Dagang NeXchange (DNeX), is to deliver a field development plan for NSTA’s assessment.
The field is calculated to produce 23 million barrels of oil through a re-used floating production, storage and offloading (FPSO) vessel. Activities will be decarbonised with the support of a floating offshore wind farm.
Before the presentation of Avalon’s field development plan to the authorities, Ping is now concluding conceptual design and starting the front-end engineering phase. A final investment decision (FID) on the project should be taken later in 2022, with start-up expected between 2024 and 2025.
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