PETALING JAYA: Hibiscus Oil & Gas Malaysia Ltd (HML) and Hibiscus Oil & Gas Malaysia (PM3) Ltd (HML PM3), two indirect full subsidiaries of Hibiscus Petroleum Bhd
(Hibiscus Petroleum), have inked a key principles agreement with Petroliam Nasional Bhd (PETRONAS) and Vietnam Oil and Gas Group for the continuation of the PM3 commercial arrangement area production sharing contract (PM3 CAA PSC) and upstream gas sales agreement (UGSA).
Both contracts will run for 20 years commencing Jan 1, 2028 and expire on Dec 31, 2047, under enhanced PSC and UGSA terms, respectively.
In a filing with Bursa Malaysia yesterday, Hibiscus Petroleum said HML would continue as the operator of PM3 CAA PSC with the same equity interest of 35% jointly held with HML PM3. PetroVietnam Exploration Production Corp Ltd will hold 30% of the equity while the remaining 35% will be held by PETRONAS Carigali Sdn Bhd.
