Hibiscus Petroluem acquires Shell’s interests in North Sabah

Hibiscus Petroluem subsidiary SEA Hibiscus has entered into a conditional sale and purchase agreement with Sabah Shell Petroleum and Shell Sabah Selatan to acquire Shell’s entire fifty percent participating interests in the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC) as well as operatorship for $25m.

The deal is expected to complete in 2017 and is subject to obtaining the regulatory approval of Petronas, the joint venture partner in the PSC.

The PSC includes four producing oil fields and associated infrastrucuture.

“This acquisition is in line with the growth strategy of the group to invest in profitable development and producing business operations in our identified core geographical areas of interest,” said Dr. Kenneth Pereira, managing director of Hibiscus Petroleum.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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