ENERGY Despite facing new tax burdens, delays in the supply of maintenance-related items, inflationary pressure and regulatory uncertainty, our Energy division delivered a resilient performance in FY2023. Leveraging our expertise and strategic partnerships, we have built a strong portfolio of producing and developing fields, primed for sustainable growth and value creation. Our proactive focus is to implement strategic measures to mitigate risks, streamline operations and adapt swiftly to evolving market dynamics. BUSINESS REVIEW WHO WE ARE & WHAT WE DO Our Energy division consists of Ping Petroleum Limited (“Ping”), which conducts upstream activities, and OGPC Sdn Bhd (“OGPC”), a provider of equipment supplies and maintenance services, as well as directional drilling and well services. Founded in 2012, Ping focuses on shallow water offshore production and development opportunities, with a presence in the North Sea, United Kingdom (“UK”), and Malaysia. Developing Fields @ North Sea, UK • Avalon • Fyne Brownfield Reactivation @ Malaysia • Abu Cluster • Hutton • Pilot • Glenn • Cook West • Kite Appraisal/Exploration Fields @ North Sea, UK Ping’s competitive advantage lies in its ability to leverage its strong operating track-record and infrastructure control to secure development ready licenses, and developing fit-for-purpose, cost-effective solutions. This is augmented by its strong network of partnerships, which enables the company to capitalise on growth opportunities with speed and agility. OGPC, meanwhile, is an integrated supply and service company supporting the oil & gas (“O&G”) downstream, petrochemical, petrol retail operations, power, palm oil and other industries. Leveraging a wide range of partnerships with global OEMs, OGPC can meet the specific equipment and service requirements of energy sector players from end to end. Since its founding in 1996, the company has amassed a strong clientele that includes leading Malaysian and international companies. Producing Fields @ North Sea, UK (Anasuria Cluster) • Cook • Teal • Teal South • Guillemot A DAGANG NeXCHANGE BERHAD 84 Management Discussion and Analysis – Business Review
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