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Repsol sells Vietnam and Malaysia E&P assets to Hibiscus Petroleum

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Oilfield Technology,


Repsol has agreed to sell its E&P assets in Malaysia and in Block 46 CN in Vietnam to a fully-owned subsidiary of Hibiscus Petroleum, a publicly-traded company based in Kuala Lumpur.

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.


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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/02062021/repsol-sells-vietnam-and-malaysia-ep-assets-to-hibiscus-petroleum/

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