Petronas and Hess have agreed amendments to an existing upstream gas sales agreement for fields offshore Malaysia that cements the value of the US-based company’s North Malay Basin assets. This makes any potential divestment process easier as Hess focuses on its prolific acreage offshore Guyana.
Petronas MPM hopes to lure investors to Malaysia’s shallow-water and late-life assets after revealing new fiscal terms as part of an ongoing effort to revive its domestic upstream sector. The move could help Malaysia steal a march on neighboring countries.
Upstream merger and acquisitions (M&A) deals are expected to rebound in Asia Pacific this year after plunging to their lowest level this century in 2020, when the pandemic and collapse in oil and gas prices killed activity.
Petronas MPM has officially introduced Malaysia’s Small Fields Asset (SFA) production-sharing contract framework as part of an effort to revive its domestic upstream sector and lure new money.
The former boss of Malaysian national oil company (NOC) Petronas, Tan Sri Wan Zulkiflee, has joined ExxonMobil’s board of directors, in a move that has surprised some industry watchers.
BW Energy has acquired two jack-up rigs and hatched a new plan for the development of the Hibiscus/Ruche field, offshore Gabon.
BW Offshore intends to hold an IPO of its BW Energy unit, which is producing oil in Gabon, in the first quarter of 2020 on the Oslo Stock Exchange.
Tullow Oil has exercised its back-in right for a 10% stake in Gabon’s Dussafu production-sharing contract (PSC), although the amount payable is under dispute.
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.
BW Offshore plans to double production from the first phase of the Ruche development to 30,000 barrels per day.
BW Offshore’s work on the Hibiscus find suggests it may hold 40-50 million barrels, up from the initial estimate of 12mn barrels.
Malaysian firm Hibiscus Petroleum has struck a deal to acquire a North Sea discovery from two UK oil and gas businesses.
Malaysian oil firm Hibiscus Petroleum said today that it expects to have a field development plan in place for two UK North Sea blocks by the end of this year.
Malaysian firm Hibiscus Petroleum has given clarity on a health and safety prohibition notice served to Petrofac.
A Malaysian duo will try to get after another 1.7 million barrels of oil in the Anasuria Cluster with a second sidetrack well on the Guillemot A field.
A new central North Sea sidetrack well has come up trumps for Malaysian firm Hibiscus Petroleum and its partner.
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.
Shell has completed the sale of its 50% working interest in the North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC) to Malaysia’s Hibiscus Petroleum.
More than 1million additional barrels of oil are expected to be unlocked through a sidetrack well in the central North Sea later this year.
Hibiscus Petroleum said the West Telesto drilling rig has been demobilised from its previous assignment and will be handed to its subsidiary next week. The spud date for the Carnarvon Hibiscus Ltd (CHPL) operated Sea Lion-1 exploration well is expected by October 25th with the overall programme expected to take up to 30 days.