KUALA LUMPUR: Hibiscus Petroleum Bhd
’s indirect wholly-owned subsidiaries, Hibiscus Oil & Gas Malaysia Limited (HML) and Hibiscus Oil & Gas Malaysia (PM3) Limited (HML PM3), have signed a key principles agreement with Petroliam Nasional Bhd (PETRONAS) through Malaysia Petroleum Management, as well as with Vietnam Oil and Gas Group.
In a statement, Hibiscus Petroleum said the agreement was for the continuation of the PM3 commercial arrangement area production sharing contract (PM3 CAA PSC) and upstream gas sales agreement (UGSA).
These agreements will be effective for 20 years, starting from Jan 1, 2028, with an expiry date of Dec 31, 2047, under enhanced PSC and UGSA terms.
HML will remain the operator of the PM3 CAA PSC during the continuation period, holding the same 35% equity interest jointly with HML PM3.
PetroVietnam Exploration Production Corporation Limited (PVEP) will hold 30% of the equity, while the remaining 35% will be held by PETRONAS Carigali Sdn. Bhd.
