Low oil prices, but Hibiscus Petroleum buys up oil fields

Singapore

Kuala Lumpur-listed Hibiscus Petroleum, undaunted by low oil prices, has completed the acquisition of its first oil-and-gas fields in the UK North Sea.

Malaysia's first listed oil-and-gas independent has also set targets for the next 18 months - to develop 50 million barrels of proven and probable (2P) reserves on its now expanded portfolio, and to add another 50 million barrels of contingent resources through further acquisitions of oil-and-gas fields.

Just last week, Hibiscus finalised the acquisition of a 50-per-cent stake in the Anasuria Cluster oil-and-gas fields in the UK North Sea from subsidiaries of Shell and ExxonMobil for US$52.5 million; this acquisition and the subsequent set-up of a joint venture with Ping Petroleum has made it the first Malaysian independent to operate a cluster of …