Hibiscus Petroleum in Brunei expansion

Hibiscus Petroleum Bhd managing director Kenneth Pereira.

PETALING JAYA: Hibiscus Petroleum Bhd is seeking to expand its operations into Brunei via the proposed acquisition of TotalEnergies Holdings International B.V.’s 37.5% interest in Block B Maharaja Lela Jamalul Alam (MLJ) field, offshore Brunei, for US$259.4mil (RM1.22bil).

The deal will be done via Hibiscus’ wholly owned subsidiary Simpor Hibiscus Sdn Bhd that has proposed to acquire TotalEnergies Holdings 100% stake in TotalEnergies EP (Brunei) B.V. which holds the stake in the brownfield gas and condensate producing asset since 1999.