A multimillion-dollar deal has been struck to end a dispute over a North Sea oil and gas discovery.
Legal discussions over the Crown field continue, following the termination of the licence by Hibiscus Petroleum in September.
Hibiscus Petroleum has said it has now entered into “exclusivity arrangements” on an FPSO for its Marigold project in the North Sea.
Anasuria Hibiscus is planning to sanction its Marigold development in the North Sea around March next year.
Maintenance on its main production vessel and a drop in the oil price more than halved profits at Malaysia’s Anasuria Hibiscus.
Malaysian oil firm Hibiscus Petroleum has completed the acquisition of the Crown discovery in the North Sea for a fee which could rise to £4 million.
Malaysian firm Hibiscus Petroleum has opted to use a floating production, storage and offloading vessel (FPSO) to develop a number of assets in the UK North Sea.
Malaysian firm Hibiscus Petroleum has struck a deal to acquire a North Sea discovery from two UK oil and gas businesses.
Considerable interest is being shown in United Oil and Gas's Crown discovery in the central North Sea, the company said.
An analyst has put a valuation of up to £15million on United Oil and Gas’ (UOG) interest in the Crown discovery following a deal for two adjacent North Sea blocks.
United Oil and Gas (UOG) has said it wants to “drive forward” its North Sea prospects, including the 16million-barrel Crown discovery.