Hibiscus acquires 30% interest in Malaysia's Block PM327 PSC

Malaysia's independent oil and gas company Hibiscus Petroleum has signed an agreement to acquire a 30% interest in the Block PM327 production sharing contract (PSC) through a farm-in arrangement with Petronas Carigali, a unit of state-owned Petronas, the company announced on August 23.

The PM327 PSC was offered as part of the Malaysia Bid Round 2022 by Malaysia Petroleum Management (MPM) under Petronas and was awarded to Petronas Carigali and E&P Malaysia Venture in 2023. As one of the largest exploration blocks offshore Peninsular Malaysia, the PM327 PSC is located south of the PM3 Commercial Arrangement Area (CAA) PSC. The PM3 CAA PSC is within a commercial arrangement area between Malaysia and Vietnam and is operated by another wholly-owned subsidiary of Hibiscus Petroleum.

The PM327 PSC covers an area of more than 12,500 km², with water depths ranging from 20 to 75 meters. Exploration activities commenced in 2023, including the acquisition of new 3D seismic data, reprocessing of existing seismic data, and the phased drilling of exploration wells.