OVERVIEW OF FY2022 BUSINESS ENVIRONMENT WHO WE ARE AND WHAT WE DO Upstream activities within our Energy Division are led by UK-based Ping Petroleum Limited (“Ping”), an independent company focused on shallow water offshore production and development opportunities in the North Sea, United Kingdom and Malaysia. Producing Fields @ North Sea, UK (Anasuria Cluster) • Cook • Teal South • Teal • Guillemot A Developing Field @ North Sea, UK • Avalon Exploration Fields @ North Sea, UK • Cook West • Kite A lean company with offices in Aberdeen, we have a highly experienced team capable of quick turnarounds at low production costs that optimise our returns on investment. Our strategic partnerships, competitive asset acquisition approach, steady progress on green fields development and burgeoning transition into the renewable energy sector has placed us on a robust trajectory of future expansion. Our business operations within the scope of equipment supply and maintenance are spearheaded by OGPC Sdn Bhd, an integrated supply and service company supporting the O&G, Petrochemicals and other general industry sectors. Having built strong partnerships and alliances with global OEM partners, we provide proficient and timely end-to-end solutions to the O&G value chain that enable our clients to enjoy seamless and uninterrupted operations. Our threeyear plan is focused on establishing the OGPC brand as a major equipment services and general maintenance contractor for key players in the energy industry. While the high oil price environment in FY2022 boosted our selling prices, it also placed a high inflationary pressure on the cost of services and materials, with the demand glut straining the supply chain and causing delays in equipment and supplies deliveries. However, some of these effects were mitigated by the increased divestments by oil majors, which allowed us to capitalise on various asset acquisition opportunities. We faced increasing scrutiny on our emissions performance as global sustainability efforts intensified, and political instability in the UK also led to some level of uncertainty in terms of the government’s energy priorities. Specific to OGPC, some operational issues were encountered due to natural environmental conditions, while a lack of available manpower was another obstacle that had to be overcome. 85 DNeX INTEGRATED REPORT 2022
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