Asset A&D

Hibiscus Acquires Repsol's Malaysian and Vietnamese Assets

By Isha Makkar
June 01, 2021
2 minutes read
Shearwater Platform, UK North Sea

Kuala Lumpur-based Hibiscus Petroleum Bhd has entered into a conditional Sale and Purchase Agreement (SPA) with Spanish major Repsol SA to acquire its wholly-owned subsidiary, Fortuna International Petroleum Corp. (FIPC), for a total consideration of US$212.5 million.

FIPC’s assets include a 35% operated interest in PM3 CAA PSC located in Northeast Malay basin, offshore Malaysia and Vietnam, a 60% operated interest in 2012 Kinabalu Oil PSC located in Sabah, offshore Malaysia, a 60% operated interest in PM305 PSC and PM314 PSC each located in the Southwest Malay basin, offshore Malaysia, and a 70% operated interest in Block 46 CN located in Vietnamese waters in the Northeast Malay basin.

The transaction follows the sale of Repsol’s producing assets in Russia, the cessation of oil production activities in Spain, and the exit from exploratory activities in other countries, as the company rationalizes its global portfolio within the framework of its 2021-2025 strategic plan.

Listed on the Bursa Malaysia Stock Exchange (KLSE), Hibiscus Petroleum is currently engaged in upstream oil & gas operations in Malaysia, Australia, and the United Kingdom.

The assets acquired by Hibiscus contain 205 wells and 17 platforms. As of January 1st, 2021, combined proved (1P) reserves attributable to the assets were approximately 20.06 million barrels of oil equivalent (MMboe), of which 60% is oil. The estimated average daily production for 2022 stands at approximately 17,400 barrels of oil equivalent per day (boe/d).

“Once completed, this acquisition will be transformational for us and bodes well for the business trajectory of Hibiscus Petroleum into its next phase of growth. I would like to add that we have a very high regard for the team at Repsol and we are looking forward to welcoming them into the Hibiscus family and working with them to further monetize opportunities within the assets,” said Dr. Kenneth Pereira, Managing Director of Hibiscus Petroleum.

The transaction is subject to customary closing conditions, including regulatory approval and the waiver of partners’ preemption rights.

Free Trial
Finbrook Databases
Free Trial
Get a 7-Day Free Trial
Get free access to our global upstream oil & gas M&A, Financing and corporate database
Select a License
Access our Global Upstream Oil & Gas M&A, Financing and Corporate Database
Quick registration, online payment and instant access