In July 2022, Ping Petroleum took the first step towards renewable energy-powered oil & gas production with the signing of a Memorandum of Understanding (“MOU”) with Cerulean Winds Limited – a specialist in oil and gas decarbonisation – to create one of the UK’s first wind-powered oil and gas production facilities. The plan is to establish a joint venture company to deploy a floating wind turbine which will power Ping’s Excalibur Floating Production Storage and Offloading (“FPSO”) vessel. This will minimise diesel and fuel gas usage, thereby reducing emissions related to oil extraction activities. With the installation, the Excalibur will be one of the first facilities in the sector to electrify operations in support of the meet the UK Government’s emissions reduction targets – a strong testament of Ping’s ambition in decarbonisation and renewable energy adoption. Our Performance *The figure above includes electricity bills paid for Dagang Net Tower, SilTerra, OGPC Sdn Bhd (“OGPC”) and Innovation Associates Consulting Sdn Bhd (“IAC”). CASE STUDY Powering Oil & Gas Through Wind Energy RM44,073,297 AMOUNT SPENT ON ELECTRICITY FOR FY2022* 167 DNeX INTEGRATED REPORT 2022
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