KUALA LUMPUR (July 26): Hibiscus Petroleum Bhd (KL:HIBISCS) has been awarded a 65% participating interest (PI) and operatorship in a production sharing contract (PSC) by Petroliam Nasional Bhd (Petronas).
In a statement to the bourse on Friday, Hibiscus said its unit Hibiscus Oil & Gas Malaysia Ltd (HML) had secured the 65% PI, while the remaining share is held by Petronas Carigali Sdn Bhd.
The effective date of the PSC is July 1, 2024, with a contract duration of 24 years.
Hibiscus said the PSC consists of four discovered resource opportunities (DROs), namely the Pertang, Kenarong, Noring and Bedong fields, which are located in shallow waters between 65 and 75 metres depth offshore the east coast of Peninsular Malaysia.
It said the DRO cluster is located to the south, and within tie-back distance of the PM3 commercial arrangement area PSC operated by HML.
Hibisus country head for Malaysia and Vietnam Dr Pascal Hos said the award provides a great opportunity to maximise the utilisation of the readily available gas network, and to continue to meet the growing gas demand in the peninsula.
“We are excited to develop these discovered resources on an optimised schedule,” he said.