Hibiscus Petroleum in Aussie joint venture

MELBOURNE: Malaysian company Hibiscus Petroleum has joined Melbourne-based 3D Oil as a partner in the 9.2 million-barrel West Seahorse oilfield in Bass Strait, Australia.

Hibiscus invested A$27mil in the joint venture, taking up a 13% equity stake in 3D for A$2mil, The Australian newspaper reports. “The funding gave Hibiscus a 50.1% share of the permit containing West Seahorse, 14km offshore from Ninety Mile Beach,” the newspaper said.