Fossil energy – E&P
Spanish oil company Repsol is set to sell its oil and gas exploration and production assets in Malaysia and in Block 46 CN in Vietnam to Malaysia-based Hibiscus Petroleum Berhad.
The transaction – financial terms of which were not disclosed – includes a 35% interest in the PM3 CAA production sharing contract, 60% in the 2012 Kinabalu Oil PSC, 60% in the PM 305 PSC, 60 % in the PM 314 PSC, and 70% in Block 46 CN in Vietnam, a tie-back asset to the PM3 CAA production facilities.
Repsol is concentrating its upstream activity on 14 key projects centered around producing basins and executed through ‘lean modular development, prioritizing value over volume’.
The operator is not turning its back on E&P in Southeast Asia.
Repsol has a non-operated stake in ConocoPhillips’ producing Corridor PSC onshore Indonesia. Also this year Repsol is preparing to drill – with partner PETRONAS – a high-impact exploration well targeting the Rencong gas prospect offshore Indonesia, a keenly watched wildcat that was delayed amid the fallout of the coronavirus pandemic.