Hibis­cus Petroleum to take over 4 oil fields off Sabah

The Sun (Malaysia) - - SPEAK UP -

PETALING JAYA: Hibis­cus Petroleum Bhd is tak­ing over the op­er­a­tor­ship and buy­ing a 50% par­tic­i­pat­ing in­ter­est in the 2011 North Sabah En­hanced Oil Re­cov­ery pro­duc­tion shar­ing con­tract that op­er­ates four ex­ist­ing oil fields and pipe­line in­fra­struc­ture for US$25 mil­lion (RM104.63 mil­lion).

Sub­sidiary Sea Hibis­cus Sdn Bhd signed a share sale agree­ment with Sabah Shell Petroleum Co Ltd and Shell Sabah Se­la­tan Sdn Bhd, which holds a 25% in­ter­est in the PSC each.

The four pro­duc­ing fields are in the South China Sea, off the coast of Sabah, in a key hy­dro­car­bon prov­ince in Malaysia and have de­liv­ered re­li­able pro­duc­tion since com­ing on­stream in 1979. With long-term pro­duc­tion rights un­til 2040, and iden­ti­fied fu­ture devel­op­ment op­por­tu­ni­ties ex­pected to add in­cre­men­tal 2P/2C re­sources up to 79 mil­lion bar­rels, Hibis­cus told Bursa Malaysia in its fil­ing.

Hibis­cus will fi­nance the trans­ac­tion with in­ter­nally gen­er­ated funds and ex­ter­nal fi­nanc­ing/credit fa­cil­ity.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.