Hibiscus Petroleum Berhad said subsidiary Hibiscus Oil & Gas Malaysia Limited (HML) signed a heads of agreement (HoA) for the tie-in of Block 46/13 production to the PM3 Commercial Arrangement Area (CAA) Production Sharing Contract (PSC) facilities.
The HoA was signed with PetroVietnam Exploration Production Corporation Ltd (PVEP), Kuala Lumpur, Malaysia-based Hibiscus said in a news release.
HML is the operator of the PM3 CAA project, which involves offshore fields located within a 775-square-mile (2008-square-kilometer) area in the overlapping zone between Malaysia and Vietnam.
The HoA outlines the terms for facilities’ tie-in engineering and construction, as well as product handling arrangements, enabling Block 46/13 production to be processed through the existing PM3 CAA PSC facilities, according to the release.
The tie-in agreement optimizes 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, Hibiscus said. The final tie-in agreement will be subject to Petroliam Nasional Berhad (Petronas) and Vietnam National Industry – Energy Group (PetroVietnam) approvals.
In April, Hibiscus subsidiaries HML and Hibiscus Oil & Gas Malaysia (PM3) Limited signed a key principles agreement with Petronas through Malaysia Petroleum Management and PetroVietnam for the continuation of the PM3 CAA PSC and upstream gas sales agreement for 20 years, starting January 2028.
The two subsidiaries each hold a 35 percent equity interest in the asset, while Petronas Carigali Sdn. Bhd. holds 35 percent and PVEP holds 30 percent.
The contract continuation will maintain production from the existing fields and allow for development of discovered fields, and further exploration within the Malaysia-Vietnam offshore CAA. The contract enables the company “to unlock the full residual value of the asset and add additional reserves and resources to its asset portfolio,” Hibiscus said in an earlier statement.
PetroVietnam’s New Offshore Wind Project
Meanwhile, Petrovietnam signed a joint development agreement with fund manager Copenhagen Infrastructure Partners (CIP), through its Growth Market Fund II, to collaborate on the development of an offshore wind project in Vietnam’s south-central region.
The project is expected to be one of Vietnam’s first offshore wind initiatives, CIP said in a separate statement.
CIP said it plans to develop the project together with Copenhagen Offshore Partners, its exclusive offshore wind development partner.
Robert Helms, partner at Copenhagen Infrastructure Partners, said, “This agreement is a significant step forward in our partnership with Petrovietnam and confirms our Growth Markets Fund II’s long-term commitment in Vietnam. By combining CIP’s global experience and expertise in offshore wind with Petrovietnam’s proven offshore expertise and deep understanding of the local market, we are well positioned to deliver one of Vietnam’s first offshore wind projects and to establish the groundwork for future offshore wind projects in Vietnam”.
Dr. Le Manh Hung, vice president and deputy CEO of Petrovietnam, said, “Petrovietnam and CIP have built a meaningful partnership working closely and effectively to reach this important step. The Joint Development Agreement demonstrates our mutual trust, commitment and shared vision in supporting Vietnam’s energy transition. Together we not only aim to develop successful offshore wind projects, but also to build a clean energy value chain in Vietnam”.
To contact the author, email rocky.teodoro@rigzone.com
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
element
var scriptTag = document.createElement(‘script’);
scriptTag.src = url;
scriptTag.async = true;
scriptTag.onload = implementationCode;
scriptTag.onreadystatechange = implementationCode;
location.appendChild(scriptTag);
};
var div = document.getElementById(‘rigzonelogo’);
div.innerHTML += ” +
‘
‘ +
”;
var initJobSearch = function () {
//console.log(“call back”);
}
var addMetaPixel = function () {
if (-1 > -1 || -1 > -1) {
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
} else if (0 > -1 && 85 > -1)
{
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
}
}
// function gtmFunctionForLayout()
// {
//loadJS(“https://www.googletagmanager.com/gtag/js?id=G-K6ZDLWV6VX”, initJobSearch, document.body);
//}
// window.onload = (e => {
// setTimeout(
// function () {
// document.addEventListener(“DOMContentLoaded”, function () {
// // Select all anchor elements with class ‘ui-tabs-anchor’
// const anchors = document.querySelectorAll(‘a .ui-tabs-anchor’);
// // Loop through each anchor and remove the role attribute if it is set to “presentation”
// anchors.forEach(anchor => {
// if (anchor.getAttribute(‘role’) === ‘presentation’) {
// anchor.removeAttribute(‘role’);
// }
// });
// });
// }
// , 200);
//});
