Ocean Energy Resources

GLOBAL NEWS SERVICE FOR THE FOSSIL AND RENEWABLE ENERGY COMMUNITIES

  • HOME
  • ADVERTISE WITH US
  • FREE SUBSCRIPTIONS
    • Digital Newsletter
  • MUST READ ARTICLES
  • CONTACT

Hibiscus signs deal with Petronas for production interest

Monday, August 26 2024

Fossil Energy – Acquisition

Hibiscus Petroleum Berhad announced that its indirect wholly-owned subsidiary, Straits Hibiscus has signed an agreement to acquire a 30% Participating Interest in the Block PM327 Production Sharing Contract through a farm-in arrangement with PETRONAS Carigali.

The group said the transaction is currently pending regulatory approvals and fulfillment of conditions precedent. The PM327 PSC was offered as part of the Malaysia Bid Round 2022 by Malaysia Petroleum Management (MPM), Petroliam Nasional Berhad, and was awarded to PETRONAS Carigali and E&P Malaysia Venture (EPMV) in 2023.

The PM327 PSC, being one of the largest exploration blocks offshore Peninsular Malaysia, is located to the south of the PM3 Commercial Arrangement Area PSC.

It is within a commercial arrangement area between Malaysia and Vietnam and is operated by another wholly-owned subsidiary of Hibiscus Petroleum. The PM327 PSC covers an area of more than 12,500 square kilometres, with water depths ranging between 20 to 75 metres.

Exploration activities have commenced since 2023 and the program includes the acquisition of new 3D seismic, reprocessing of existing seismic data, and the phased drilling of exploration wells.

Related posts:

  1. Acquisition of Victory gas discovery
  2. Collaboration to explore development of carbon sequestration hubs
  3. ADNOC exploring acquisition of Wintershall Dea
  4. Petronas makes oil and gas discovery offshore Suriname

Filed Under: Acquisition, Hibiscus, International projects, Petronas Tagged With: acquisition, Hibiscus, petronas

All rights reserved - 2025 cookies