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.
