Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Hibiscus gets Vietnam approvals for Repsol acquisition

© Supplied by ShutterstockPeople waving Vietnam flags.
People waving Vietnam flags.

Malaysia’s Hibiscus Petroleum has received the joint approval from Petronas and PetroVietnam to take control of Repsol’s interests in the Block PM3 CAA production sharing contract (PSC) and unitisation agreement of the East Bunga Kekwa – Cai Nuoc field under Block 46 PSC.

Hibiscus struck a deal with Repsol on 1 June 2021 to buy Repsol’s operated assets in Malaysia and Block 46 CN in Vietnam for $212.5 million.

The deal includes a 35% interest in production-sharing contract (PSC) PM3 CAA, 60% in 2012 Kinabalu Oil PSC, 60% in PM305 PSC, 60 % in PM314 PSC, and 70% in Block 46 CN in Vietnam – a tie-back asset to the PM3 CAA production facilities. The PM3 block is located within a commercial arrangement area (CAA) set up between Malaysia and Vietnam to allow exploration and the development of several oil and gas discoveries.

“Following receipt of the joint approval, Repsol and Peninsula Hibiscus have also confirmed the fulfilment of all conditions precedent under the sale and purchase agreement dated 1 June 2021 and that the parties will now proceed to completion of the transaction accordingly,” Hibiscus said yesterday.

“Hibiscus Petroleum will make an announcement once the proposed acquisition has been completed,” added the company.

Hibiscus Petroleum is Malaysia’s first listed independent oil and gas exploration and production company. Its focus is Malaysia, UK, and Australia.

Recommended for you

More from Energy Voice

Latest Posts