25 Jan 2022
On January 25th, 2022, Hibiscus Petroleum announced it had acquired Repsol’s interests in oil and gas assets in Malaysia and Vietnam for the purchase price of $212.50 million. According to their press release, this acquisition should triple Hibiscus’ average daily oil and gas production.
“We are proud to have been the Competent Person and Competent Valuer representing Hibiscus during this acquisition, the largest deal in Hibiscus history to date.” Joseph Tan, Regional General Manager in Kuala Lumpur, for RPS.
“Almost 50 percent of the production comprises gas. The addition of gas production is expected to present a better balance to our group’s asset portfolio in terms of price stability, markets, and operations. Such diversification represents a key aspect of our energy transition strategy as natural gas has been regarded as an important bridging fuel as the world transits to a lower-carbon energy mix.” Hibiscus Petroleum managing director Dr Kenneth Gerard Pereira said in the press release.
“A diverse and balanced portfolio of assets, with natural gas taking a more prominent position, is essential in developing an energy transition strategy, especially in this growing region” Joseph Tan.
According to the latest data, Vietnam relies on coal for over 50% of its energy consumption, and Malaysia consumes coal for 20% of its energy.
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