Hibiscus Petroleum Berhad has completed the acquisition of the equity interest in TotalEnergies EP (Brunei) BV through its indirect wholly owned subsidiary, Simpor Hibiscus Sdn Bhd.
The group is now operator and owner of a 37.5-per cent interest in a well-established gas producing asset, Block B Maharajalela Jamalulalam field, in Brunei Darussalam. Its joint venture partners include Shell Deepwater Borneo BV (35 per cent) and Brunei Energy Exploration Sdn Bhd (27.5 per cent). The concession tenure is up to November 2029, with the rights to extend beyond this period, subject to the mutual agreement of the joint venture partners.
Commenting on the completion, Managing Director Dr Kenneth Gerard Pereira, as part of his remarks, said, “This marks the expansion of the group’s geographic footprint into Brunei and solidifies our position as an independent exploration and production player in the ASEAN region. It also provides a better balance to our asset portfolio as the world transitions to a lower carbon energy mix with higher global demand for natural gas. We believe that this asset will translate into higher and positive returns for our shareholders.
“The biggest asset is the highly qualified team in Brunei whom we warmly welcome to the Hibiscus Group. Their technical expertise, in-depth knowledge and wealth of experience are essential to safely and efficiently delivering value for all stakeholders.”
