Fossil Energy – Brunei
Hibiscus Petroleum Berhad subsidiary Simpor Hibiscus Sdn Bhd has completed the acquisition of equity interest in TotalEnergies EP (Brunei).
With the completion of the acquisition, Hibiscus is now operator and owner of a 37.5 percent interest in a well-established gas producing asset, Block B Maharajalela Jamalulalam (MLJ) field, in Brunei Darussalam, the Malaysian company said in a news release.
The company’s joint venture partners in the asset are Shell Deepwater Borneo with a 35.0 percent interest and Brunei Energy Exploration with 27.5 percent. The concession tenure is up to November 2029, with the right to extend beyond this period, subject to the mutual agreement of the joint venture partners, according to the release.
Hibiscus Managing Director Kenneth Gerard Pereira said: “This marks the expansion of the Group’s geographic footprint into Brunei and solidifies our position as an independent exploration and production (E&P) player in the ASEAN region.”
The asset is expected to add a net of up to 21.7 million barrels of oil equivalent (MMboe) to Hibiscus’ 2P reserves, an increase of 36 percent from 60.9 MMboe to 82.6 MMboe, while total daily net production of oil, condensate and gas is expected to increase by approximately 7,865 barrels of oil equivalent (boepd) from 21,398 boepd to 29,263 boepd in 2024.
Hibiscus said the acquisition is expected to bring the gas production share of its portfolio to almost 50 percent, in line with its energy transition strategy of acquiring gas-weighted assets in stable regulatory jurisdictions.
