Malaysia's Hibiscus Petroleum Eyes Acquisitions

OE Staff
Wednesday, August 26, 2020

Bursa Malaysia-listed oil and gas company Hibiscus Petroleum is looking to expand its asset portfolio through acquisitions of assets with strong production potential.

Hibiscus, which owns offshore oil fields in Malaysia, Australia, and the UK North Sea, sees opportunity in assets that have lost some value due to the current oil market downturn, as well as in the fact that large players are assessing their portfolios with a view to potentially divest.

"The COVID-19 pandemic and low oil price environment initially slowed down M&A activity globally in the first half of the year. However, with the ramp-up of economic activity globally, the outlook for the oil and gas sector is also improving. In addition, a focus on developing opportunities in the renewable energy space has caused established E&P players, particularly those headquartered in Europe to assess their portfolios and restart their oil and gas asset divestment programs," Hibiscus said.

Hibiscus is not new to Europe, as it is a partner in the Anasuria Cluster of offshore oil fields in the UK North Sea, 175 km east of Aberdeen, UK North Sea. It also owns a stake in Marigold and Sunflower fields in the North Sea. Hibiscus expects to get the approval for Field Development Plan for the Marigold development by the end of 2020. 

Worth noting, while mentioning European players and their assets, Hibiscus' targeted acquisitions are not necessarily only focused on Europe.

Kuala Lumpur-based Hibiscus Petroleum said it would prioritize assets with strong production potential coupled with cost optimization opportunities "and remains committed to growing its business in its areas of geographic focus, particularly South East Asia." 

Managing Director, Dr. Kenneth Pereira, said: “The Group has previously reiterated that it is positioning itself to acquire good-value, high-quality producing assets in our areas of geographic focus. With asset values dampened due to the current oil market, we see this period as an opportunity to add to our portfolio of producing assets."

Categories: Energy Mergers & Acquisitions Activity Production Malaysia

Related Stories

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

ADNOC’s XRG Partners Up with Petronas for Offshore Gas Block in Caspian Sea

Valeura Energy Greenlights Wassana Oil Field Redevelopment off Thailand

CNOOC Puts Into Production New Oil Field in South China Sea

Petrovietnam, Petronas Extend PSC for Offshore Block

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

SLB Names Raman CSO, CMO

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

Current News

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

Mubadala Energy Open to Sell Andaman Gas for Domestic Use

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Turkey Discovers New Black Sea Gas Reserve

Indonesia's Medco Starts Production at Natuna Sea Fields

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com