Hibiscus Petroleum and Ping UK have been granted an extension on their time to develop the 75m-barrel Fyne oilfield in the central North Sea.
According to an announcement from Malaysian company Dagang NeXchange, the owner of Fyne co-stakeholder Ping Petroleum, the group received a notice from the North Sea Transition Authority approving the extension request for the project.
The development period has now been extended by 30 months, running from 31 March, 2024 to 30 September, 2026.
The extension is on the condition that an approved field development plan and production consent will be achieved by 30 September, 2026.
Fyne, located on Licence P2451 in Block 21/28b, has an estimated capacity of 75m barrels of stock tank oil initially in place (STOIIP).
Hibiscus Petroleum and Ping Petroleum completed a deal to each take a 42.5% stake in the project from Rapid Oil Production, which holds the remaining 15%, in November 2023.
Hibiscus, which will assume operatorship of the project, plans to develop the Fyne oilfield through its nearby Anasuria floating production and storage offshore platform, using a single well tied back to the asset.
Once production begins, Hibiscus will transfer operations to Anasuria Operating Company, a joint venture with Ping Petroleum.
The company said that the Fyne oilfield will help extend the life of the Anasuria Cluster.