Page 10 - AsianOil Week 23 2021
P. 10
AsianOil SOUTHEAST ASIA AsianOil
Hibiscus buys five offshore assets
in Malaysia, Vietnam from Repsol
FINANCE & MALAYSIAN independent Hibiscus Petroleum
INVESTMENT has agreed to buy Spanish major Repsol’s Malay-
sian upstream assets as well as a block in Viet-
nam for $212.5mn.
Hibiscus said on June 4 that subsidiary Penin-
sula Hibiscus had entered into a conditional sale
and purchase agreement (SPA) with Repsol on
June 1 to buy the latter’s stake in Fortuna Inter-
national Petroleum.
Fortuna owns stakes in four offshore produc-
tion-sharing contracts (PSCs) in Malaysia as well
as another licence offshore Vietnam. It operates
all five licences.
Repsol’s Malaysian portfolio includes 60%
stakes in PM314, PM305 and 2012 Kinabalu Oil
as well as a 35% interest in PM3 CAA. The Span-
ish major also owns 70% of Vietnam’s Block 46.
Hibiscus said it expected the deal to more
than double its net oil and condensate produc-
tion from 9,000 barrels per day to 18,500 bpd in
2022. Gas production is also anticipated to climb
from 2mn cubic feet (56,640 metres) per day to
49 mmcf (1.39mn cubic metres) per day in 2022.
The deal should also boost Hibiscus’ proven
and probable (2P) oil and condensate reserves Hibiscus managing director Kenneth Pereira
from 46mn barrels to 67mn barrels. The compa- said: “As far as the assets are concerned, we
ny’s 2P gas reserves, meanwhile, are expected to have previously demonstrated our capability in
soar from 9bn cubic feet (254.88 mcm) to 93 bcf enhancing value from acquired mature fields in
(2.63bn cubic metres). Malaysia and the UK and we are motivated to
Hibiscus said the additional reserves were repeat past, positive experiences, here.”
valued at $285mn, based upon estimates pro- Hibiscus currently operates Malaysia’s North
vided by RPS Energy Consultants. The devel- Sabah PSC with a 50% stake that it bought from
oper added that it anticipated generating around Royal Dutch Shell in 2018. The company also
$255mn in total net undiscounted cash flows owns stakes in seven licences in the UK and
from the assets over the next five years. another three in Australia.
EAST ASIA
Russia launches Power of
Siberia gas processing plant
PIPELINES & RUSSIAN President Vladimir Putin launched “This is a capital-intensive and knowledge-in-
TRANSPORT the $14bn Amur gas processing plant (GPP) in tensive project,” Putin said at the launch ceremony
the Russian Far East on June 9, with operator via video link. “The cost of the entire project is over
Gazprom hailing the project was one of the larg- 1 trillion rubles. I am sure that the last stage will be
est and most advanced of its kind in the world. commissioned in 2024-2025 as planned.”
The first of the plant’s five trains is now up and Gazprom CEO Alexei Miller described the
running, handling Russian gas en route to China plant “as one of the most cutting-edge and high-
via the Power of Siberia pipeline. It should reach tech production enterprises in the world.”
its full capacity of 42bn cubic metres per year in “Its construction schedule was extremely
2025. tight,” he said. “Less than six years passed
P10 www. NEWSBASE .com Week 23 10•June•2021
