Malaysia's Hibiscus Petroleum has completed its US$25 million acquisition from Shell of a 50 per cent operator interest in the North Sabah Enhanced Oil Recovery project offshore Malaysia.
Malaysia's Hibiscus Petroleum has completed its US$25 million acquisition from Shell of a 50 per cent operator interest in the North Sabah Enhanced Oil Recovery project offshore Malaysia.
The North Sabah PSC includes 20 offshore platforms across four producing fields located in the South China Sea, off the west coast of Sabah, and the Labuan Crude Oil Terminal located in the Labuan Federal Territory, in Malaysia.
SEA Hibiscus, a subsidiary Hibiscus Petroleum, entered into a sale and purchase agreement (SPA) on 12 October 2016 to acquire Shell’s participating interests in the field.
Hibiscus concluded the purchase on 31 March 2018 and assumed the role of operator of the multi-field complex. As operator, SEA Hibiscus will be responsible for the day-to-day operations and management of the work activities of the assets within the North Sabah PSC.
Hibiscus Petroleum Chairman, En Zainul Rahim said: “The North Sabah PSC constitutes our second producing asset, providing the Company with another revenue stream after the Anasuria Cluster. It is an exciting time for Hibiscus Petroleum as we expand and strengthen our technical and operating capabilities, profitability and balance sheet."
“Whilst we are excited to develop the opportunities that have been identified to realise the considerable potential within the North Sabah PSC fields, our focus will be to improve the performance of the asset in a safe and environmentally responsible manner,” added Dr Pascal Hos, chief executive officer of SEA Hibiscus.
Source: Pipeline ME
