Ping Petroleum

What Ping Petroleum does

Ping Petroleum Plc is an independent upstream oil and gas company incorporated in Bermuda in 2012, with operating offices in Kuala Lumpur and Aberdeen. The company is 90% owned by Malaysia-listed conglomerate Dagang NeXchange Berhad (DNeX) since June 2021. Ping Petroleum focuses on shallow water offshore production and development opportunities in the UK North Sea and Malaysia, sitting alongside a newly formed energy commodities trading arm, Ping Energy Marketing Limited (PEML), established in 2024.

The company's core asset base centers on the Anasuria Cluster in the UK Central North Sea (Teal, Teal South, Guillemot A, and Cook fields), which produces approximately 6,200 BOPD gross and averages around 2,092 bopd on Ping's reported basis between March 2023 and March 2024 at 90% efficiency and $25/boe unit cost. The development pipeline is anchored by the Avalon Oil Development in UK Block 21/6b (100% owned after acquiring Sumitomo's residual 50% for USD 17 million in 2021), which is being prepared around the renamed Excalibur FPSO acquired from Teekay in 2022. Ping also operates Polymer flooding at the Pilot field and holds the Cook West exploration/appraisal license (P.2532 from the 32nd UK Offshore Licensing Round) alongside a 42.5% farm-in to the Fyne field (Sept 2023), which is being tied back to the existing Anasuria FPSO.

Revenue is generated primarily from the sale of crude oil and gas through commodity markets and offtake agreements with refineries and energy traders, governed onshore in Malaysia by three Production Sharing Contracts with PETRONAS (Meranti Cluster at 60% PI, A Cluster at 70% PI, and a 2024 SFA Cluster PSC). The company raised USD 50 million via a senior secured bond on Oslo Børs in December 2021 to fund Anasuria capital programs. Beyond production, PEML extends the business into trading of petroleum products (Diesel, Fuel Oil, Gasoline, LPG, Petroleum Coke) and petrochemicals (Urea, Methanol, Ammonia, polyethylene grades, MTBE) to industrial, commercial, and agricultural customers globally.

Name

Ping Petroleum

Legal name

Ping Petroleum Plc

Website

https://pingpetroleum.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Ping Petroleum is an independent upstream oil and gas company operating shallow water offshore production and development assets in the UK North Sea and Malaysia. It produces crude oil from the Anasuria Cluster and holds development assets including Avalon, operating under production sharing contracts with PETRONAS.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas

NAICS

Crude Petroleum Extraction (21112), Petroleum and Petroleum Products Merchant Wholesalers (4247)

SIC

Crude Petroleum & Natural Gas (1311), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

akta.pro secondary industries

Production Services & Artificial Lift (ESP, Rod Lift, Gas Lift, Chemicals) (EUALABAH), Liquid Bulk Storage & Tank Farm Operators (Independent Storage) (TLAHABAM), Unbranded/Spot Fuels Distribution (Rack Sales) (EUALAIAC)

Keywords

• Offshore oil production
• Upstream oil and gas
• Shallow water development
• FPSO operations
• Petroleum trading

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Oil and Gas Production: Revenue generated from production and sale of crude oil and gas from producing fields in the UK North Sea (Anasuria Cluster) and Malaysia assets. The company operates under Production Sharing Contracts with PETRONAS for Malaysian operations.
2. Asset Development and Monetization: Development of greenfield assets like Avalon Oil Development for future production revenue. Completed acquisition of remaining 50% stake in Avalon for full control.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Ping Petroleum is an independent upstream oil and gas company that produces crude oil and gas from shallow water offshore fields, with producing assets in the UK North Sea (Anasuria Cluster) and exploration, development, and production interests in Malaysia under Production Sharing Contracts with PETRONAS. The company also trades petroleum and petrochemical products globally through its subsidiary Ping Energy Marketing Limited (PEML).

Product overview

Ping Petroleum operates as an independent upstream oil and gas company focused on shallow water offshore production and development in the North Sea and Malaysia. The company offers petroleum and petrochemical trading through its subsidiary Ping Energy Marketing Limited (PEML), alongside managing producing assets like the Anasuria Cluster and developing new fields such as Avalon. PEML provides trading services for petroleum products (Diesel, Fuel Oil, Gasoline, LPG) and petrochemical products (Urea, Methanol, Ammonia, polyethylene derivatives) to global markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Anasuria Cluster Oil and gas production asset located 175km east of Aberdeen in the Central North Sea, incorporating Teal, Teal South, Guillemot A, and Cook fields. Gross production of approximately 6,200 BOPD with Ping holding 50% interest in the Guillemot A, Teal, and Teal South fields and 19.3% in Cook, plus 50% ownership in the Anasuria FPSO.
• Avalon Oil Development Undeveloped oil discovery in UK North Sea Block 21/6b (License P.2006) with estimated contingent resources of 9.3-21.0 MMstb. Acquired remaining 50% interest in 2021 for USD17.0 million, giving Ping 100% ownership, to be developed using the Excalibur FPSO.
• Cook West Non-producing exploration and appraisal licenses in UK Central North Sea blocks 21/19c and 21/20c, awarded in the 32nd UK seaward licensing round, contiguous with the existing Cook field.
• Petroleum Trading Trading of petroleum products including Diesel, Fuel Oil, Gasoline, LPG, and Petroleum Coke for industrial, commercial, and residential customers, operated through Ping Energy Marketing Limited (PEML).
• Petrochemical Trading Trading of petrochemical products including Urea, Methanol, Ammonia, LDPE, LLDPE, and MTBE for agricultural, manufacturing, and energy industries, operated through Ping Energy Marketing Limited (PEML).
• Meranti Cluster (Malaysia PSC) Malaysian oil and gas asset under Production Sharing Contract with PETRONAS, where Ping Petroleum Sdn Bhd holds 60% participating interest as operator with Duta Marine Sdn Bhd as partner holding 40%. Polymer flooding technology is being used for enhanced oil recovery at the Pilot field.

Quantifiable outcome

• 95% average uptime for full year 2023
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• PETRONAScoreStrategic or Co-development Partner · 26 July 2024Ping Petroleum Sdn Bhd signed a new Production Sharing Contract (PSC) Small Field Asset (SFA) Cluster PSC with PETRONAS, expanding Malaysian presence.
• Rapid OilminorStrategic or Co-development Partner · 1 September 2023Ping UK signed farm-in agreement for Fyne field located near Anasuria FPSO. Equity split: Ping 42.5%, Hibiscus Petroleum 42.5%, Rapid Oil 15%. Fyne field has estimated STOIIP of approximately 75MMbbl equivalent.
• PETRONAS (Petroliam Nasional Berhad)coreStrategic or Co-development Partner · 17 January 2023Ping Petroleum Sdn Bhd (PPSB) signed two Production Sharing Contracts with PETRONAS for discovered oil and gas resources in Malaysia. First PSC for Meranti Cluster (60% interest, operator) and second for A Cluster in Sarawak (70% interest, operator). Awards came through PETRONAS Malaysia Bid Round 2022.
• Cerulean Winds LimitedcoreStrategic or Co-development Partner · 2 August 2022Ping Petroleum UK PLC signed MoU with Cerulean Winds to deliver a dedicated offshore floating wind turbine for the Avalon Development. Partnership plans to establish a JV company to deploy and operate the floating wind turbine to power the FPSO facility, minimizing diesel usage and GHG emissions.
• Teekay CorporationcoreTechnology or Integration · 1 July 2022Ping Petroleum UK PLC took delivery of the Sevan Hummingbird FPSO vessel (later renamed Excalibur) from Teekay Corporation for the Avalon Development project. The FPSO is a 60-metre diameter facility with 270,000 barrels storage capacity.
• Summit Exploration and Production Limited (Sumitomo Corporation)coreStrategic or Co-development Partner · 23 September 2021Ping Petroleum completed acquisition of the remaining 50% interest in UK North Sea Block 21/6b, License P.2006 containing Avalon Oil Development from Summit Exploration and Production Limited. Total purchase consideration of USD17.0 million. Ping now owns 100% of Avalon.
• Hibiscus PetroleumcoreStrategic or Co-development PartnerJoint venture partner in Anasuria Cluster. Ping Petroleum UK and Hibiscus Petroleum each hold 50% interest in the Anasuria FPSO and operate jointly the producing fields (Guillemot A, Teal, Teal South at 50% each; Cook at 19.3%).
• Duta Marine Sdn BhdminorStrategic or Co-development PartnerPartner holding 40% participating interest in Meranti Cluster PSC with Ping Petroleum Sdn Bhd holding 60% and operating.
• Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP)minorStrategic or Co-development PartnerPartner holding 30% participating interest in A Cluster PSC with Ping Petroleum Sdn Bhd holding 70% and operating.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• EnQuest: Independent UK North Sea operator with producing assets and decommissioning expertise. Comparable to Ping as a small-to-mid cap independent focused on late-life UK North Sea production, hub-style infrastructure, and brownfield optimization.
• IOG plc: UK North Sea focused E&P developing satellite tie-backs to owned infrastructure. Comparable to Ping in its infrastructure-led growth thesis, particularly the use of a dedicated FPSO/host facility as a hub for multiple fields.
• Hibiscus Petroleum: Malaysian-listed independent upstream E&P and Ping's 50% JV partner in Anasuria Cluster. Comparable as a Southeast Asia-headquartered small-cap independent with producing North Sea assets, similar cost discipline focus, and parallel interest in Malaysian small-field development.
• Serica Energy: UK-listed independent E&P focused on North Sea producing fields. Comparable to Ping in scale, geography, and operator model around late-life UK Central North Sea assets.
• Rockhopper Exploration: Small-cap independent with North Sea and overseas interests. Comparable to Ping as a small E&P navigating development financing and partner alignment on UK Continental Shelf assets.

Emerging players

• Sunda Energy (formerly Baron Oil): Small upstream company with assets in Southeast Asia (including Timor-Leste) and the UK. Comparable to Ping as a junior operator pursuing late-life and frontier-style assets across multiple jurisdictions.
• Echo Energy: Small independent E&P with multi-geography footprint including Southeast Asia exposure. Comparable to Ping in its attempt to combine UK North Sea assets with emerging-market upstream positions.

Broad incumbents

• Chrysaor (Harbour Energy subsidiary): Major North Sea independent post-Chrysaor combination. Comparable to Ping as a North Sea production operator with hub-and-spoke infrastructure strategy, though at significantly larger scale.
• Sapura Energy: Larger Malaysian integrated oilfield services and upstream player. Comparable to Ping as a Malaysian upstream operator with PETRONAS contract relationships, though at materially greater scale and with broader services exposure.

Regional players

• Ranhill Energy: Malaysian-headquartered energy company with upstream and services operations. Comparable to Ping as a Malaysian-rooted upstream participant engaged with PETRONAS frameworks and Southeast Asia basin opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/PingPetroleum
• Facebookfacebook.com/PingPetroleum
• LinkedInlinkedin.com/company/ping-petroleum

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ping Petroleum