Hibiscus Petroleum, through its subsidiary Straits Hibiscus, has entered into a farm-in agreement to acquire a 30% participating interest in a block PETRONAS Carigali.
The financial details of the transaction were not disclosed.
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Hibiscus will acquire a stake in the PM327 production sharing contract (PSC), claimed to be one of the largest exploration blocks offshore peninsular Malaysia.
The PM327 PSC was awarded to PETRONAS Carigali and E&P Malaysia Venture (EPMV) in 2023, following the Malaysia Bid Round 2022 hosted by Malaysia Petroleum Management and Petroliam Nasional Berhad (PETRONAS).
This block is located to the south of the PM3 commercial arrangement area PSC, which is operated by Hibiscus.
Spanning over 12,500 km2, the PM327 PSC has water depths ranging from 20m to 75m.
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By GlobalDataExploration activities, which commenced in 2023, include new 3D seismic data acquisition, reprocessing of existing seismic data, and a phased approach to drilling exploration wells.
The agreement is pending regulatory approvals and conditions precedent.
Hibiscus Petroleum country head of Malaysia & Vietnam Pascal Hossaid said: “We have had interest in PM327 for some years now and we are grateful to PETRONAS Carigali for offering us this opportunity to participate in the exploration of this large block.
“The proximity of the northern area of the block to PM3 CAA offers significant synergistic opportunities upon any discoveries. We are very familiar with the geology of the area which has produced many notable discoveries, and we look forward to putting our collective experience and expertise to work towards the successful exploration of Block PM327 with PETRONAS Carigali and EPMV”.
In a separate development, Petronas, along with the Abu Dhabi National Oil Company and Storegga, recently signed an agreement to evaluate and establish carbon capture and storage facilities in the Penyu basin.
The joint study will kick off later this year, focusing on the storage potential of saline aquifers in the region.
