Hibiscus Petroleum completes acquisition of 50% stake in North Sabah
Category: #world  By Saipriya Iyer  Date: 2018-04-02
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Hibiscus Petroleum completes acquisition of 50% stake in North Sabah

Hibiscus Petroleum Berhad, an oil & gas firm based in Malaysia, has acquired a 50% stake in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC) and (JOA) joint operating agreement associated with PSC. The other stakeholders of the PSC are PETRONAS and its subsidiary PETRONAS Carigali, which is involved in oil exploration & production activities. For the record, the JOA has been jointly signed by SEA Hibiscus, which carries out oil E&P activities in the North Sabah PSC and PETRONAS Carigali.

Hibiscus’s strategic business decision to acquire a 50% of stake in the PSC & JOA is aimed at expanding its oil & gas production business across the country. As per some of the key officials of Hibiscus Petroleum Berhad, the North Sabah production sharing contract encompasses twenty offshore platforms spread across four oil producing basins located in the Southern region of China sea. The region is located near the west coast of North Sabah and in the vicinity of the Labuan Crude Oil Terminal, apparently.

The firm has claimed that North Sabah Enhanced Oil Recovery Production Sharing Contract has added to its expanding portfolio of assets. It asserts that the production sharing pact is likely to provide the firm with yet another alternative of revenue generation and add value to its already expanding oil & gas E&P business. The company is also of the view that its expansion across the North Sabah will reinforce its technological & operational abilities and may considerably increase its profits, thereby strengthening its balance sheet.

According to Zainul Rahim, Chairman of Hibiscus Petroleum Bhd, the move displays the firm’s business strategy to improve the value of the owners by focusing on the assets that provide a unique value proposition for the firm and raises its oil & gas production. Incidentally, PSC is likely to increase its oil & gas production capabilities over the next few years.



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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