Hibiscus Petroleum subsidiary Straits Hibiscus has agreed to acquire a 30% stake in the Block PM327 production sharing contract (PSC) offshore Peninsular Malaysia.
Completion of the farm-in arrangement with Petronas Carigali is subject to regulatory approvals.
The PSC was offered under the Malaysia Bid Round 2022 by Malaysia Petroleum Management, and it was awarded to Petronas Carigali and E&P Malaysia Venture.
According to Hibiscus, it is one of the largest exploration blocks offshore Peninsular Malaysia, located south of the PM3 commercial arrangement area (PM3 CAA) PSC in waters between Malaysia and Vietnam, which is operated by another subsidiary of Hibiscus Petroleum.
PM327 covers an area of more than 12,500 sq km in water depths ranging from 20 m to 75 m. Exploration activities started last year; the schedule includes acquisition of new 3D seismic, reprocessing of existing seismic and the phased drilling of exploration wells.
“We have had interest in PM327 for some years now… The proximity of the northern area of the block to PM3 CAA offers significant synergistic opportunities upon any discoveries," said Dr. Pascal Hossaid, country head for Malaysia & Vietnam. “We are very familiar with the geology of the area, which has produced many notable discoveries…”
