Offshore staff
KUALA LUMPUR, Malaysia – Hibiscus Petroleum has paid $37.5 million for a 50% share of two blocks in UK North Sea license P198.
The ‘Marigold and Sunflower’ blocks (15/13a and 15/13b), containing two discovered oil fields with estimated reserves of 60 MMbbl, are thought to have been formerly operated by Iranian Oil Company (UK).
Chennai-based Aban Offshore reportedly holds the remaining 50%, with its shares held by London-based Caldera Petroleum.
Hibiscus plans to spend around $5 million over the next 18 months on engineering and technical studies for a field development plan.
The company presently operates the Anasuria cluster of fields elsewhere in the central UK sector. In mid-2018, it side tracked the existing GUA-P2 well into a nearby, untapped compartment of the Forties reservoir with recoverable oil volumes of round 1.5 MMbbl.
The discovery has since been brought onstream through the Anasuria facilities.
In addition, Hibiscus has sanctioned a water injection well on the Cook field designed to re-pressurizes the reservoir and extend the field’s economic life.
It also plans further drilling in the Anasuria area, again to enhance production.
12/05/2018
