PETALING JAYA: Hibiscus Petroleum Bhd
's wholly-owned subsidiary, Hibiscus Oil & Gas Malaysia Ltd, has signed an agreement with PetroVietnam Exploration Production Corp Ltd (PVEP), the operator of Block 46/13 PSC, offshore Vietnam, for the tie-in of Block 46/13 PSC production to the PM3 Commercial Arrangement Area Production Sharing Contract facilities which Hibiscus operates.
In a filing with Bursa Malaysia, Hibiscus added the deal enables Block 46/13 production to be processed through the existing PM3 CAA PSC facilities.
"The tie-in agreement optimises the use of available capacity at PM3 CAA PSC facilities, with a commercial framework to govern production handling and cost allocation for Block 46/13," the upstream company noted.
No financial details were disclosed about the agreement.
