Hibiscus-Petronas Carigali in 65:35 production sharing contract

Hibiscus Petroleum Bhd's indirect wholly owned subsidiary Hibiscus Oil and Gas Malaysia Ltd (HML) has been awarded a 65 per cent participating interest and operatorship in a production sharing contract by Petronas. In a filing with Bursa Malaysia today, Hibiscus said the remaining participating interest is held by Petronas Carigali Sdn Bhd, while the effective date of the production sharing contract is July 1, 2024, with a contract duration of 24 years. 'The production sharing contract comprises four discovered resource opportunities (DRO) in the Pertang, Kenarong, Noring and Bedong fields, located in shallow waters between 65 and 75 metres depth offshore the east coast of Peninsular Malaysia,' it said. The cluster is located to the south, and within the PM3 commercial arrangement area operated by HML, the statement said. Country head (Malaysia and Vietnam) Dr Pascal Hos said the award of the production sharing contract provides HML an opportunity to maximise the use of the readily available gas networ k and to continue to meet Peninsular Malaysia's growing gas demand. Source: BERNAMA News Agency