Transformative growth for Hibiscus with Repsol assets

According to Hibiscus Petroleum managing director Dr Kenneth Gerard Pereira, almost 50% of the production comprises gas, and the addition of gas production is expected to present a better balance to the group’s asset portfolio in terms of price stability, markets and operations.

PETALING JAYA: Hibiscus Petroleum Bhd’s completed acquisition of Fortuna International Petroleum Corp (FIPC) from Repsol is a positive development as this will transform the group’s earnings trajectory.

According to AmInvestment Bank Research, the acquisition would effectively triple the group’s daily production to 26,800 barrels of oil equivalent (boe) and increase its gross proved plus probable reserves (2P reserves) by 72% to 81 million boe.