Spotlight on Hibiscus Petroleum

Dateline 2016-02-22, Daily Express:

There is increased interest in Hibiscus Petroleum Bhd due to imminent regulatory approval for its propsed acquistion of a 50pc stake in four offshore oilfields in Sabah from Shell.

Hibiscus earkier announced it had entered into a conditional sale and purchase agreement with Sabah Shell Petroleum Company Ltd and Shell Sabah Selatan Sdn Bhd to acquire Shell’s entire 50pc interest in the 2011 North Sabah enhanced oil recovery production-sharing contract (PSC) for US$25 mil (RM 111mil).

The PSC comprises four producing oilfields namely, the St Joseph, South Furious, SF30, and Barton oilfields, and associated infrastructure such as pipeline infrastructure and the Labuan Crude Oil Terminal.

The purchase is subject to regulatory approval of Petroliam Nasional Bhd (Petronas) and the consent of Petronas Carigali Sdn Bhd, a 50pc joint venture partner in the PSC. If approval is gained, the acquisition is likely to be completed in the middle of the year.

Hibiscus managing director Kenneth Pereira declined to comment on the likelihood that Petronas will give its approval for the stake buy soon.

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