The transaction includes a 35% interest in PM3 CAA PSC, 60% in 2012 Kinabalu Oil PSC, 60% in PM305 PSC, 60 % in PM314 PSC, and 70% in Block 46 CN offshore Vietnam (a tie-back asset to the PM3 CAA production facilities). The assets represent approximately 2% of Repsol’s global current net output.
The transaction follows the sale of the company’s producing assets in Russia, the cessation of oil production activities in Spain and the exit from exploratory activity in other countries.
The funds raised from the transaction as well as the resulting CAPEX savings will contribute to the global strategic goal of funding core projects and new low-carbon initiatives.
Read the latest issue of Oilfield Technology in full for free: Issue 1 2021
Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.
Exclusive contributions come from Rystad Energy, Archer, Weatherford, Halliburton, CGG, NOV, TETRA Technologies, Clariant and more.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/02062021/repsol-sells-vietnam-and-malaysia-ep-assets-to-hibiscus-petroleum/
You might also like
Equinor sells its Nigerian business, including its share in the Agbami oil field, to Nigerian-owned Chappal Energies.