Hibiscus Petroleum Bhd has agreed to acquire a 50% stake in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC) in the South China Sea, from Sabah Shell Petroleum Company Limited (SSPC) and Shell Sabah Selatan Sdn Bhd (SSS).
The $25m deal will be funded by the company through a combination of cash and credit.
The PSC includes St Joseph, South Furious, SF30 and Barton oil fields off the coast of Sabah, Malaysia, associated pipeline infrastructure, and the Labuan crude oil terminal. The four fields produced at a rate of 18,000bopd in 2015.
Upon completion of the transaction by the end of second quarter of 2017, the PSC will be owned by Hibiscus Petroleum (50%, operator) and Petronas (50%).
The deal forms part of the growth strategy of Hibiscus Petroleum and will allow the company to expand its oil and gas business in Malaysia.
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