• Fri. Dec 9th, 2022

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Hibiscus Petroleum Completes Transformative Acquisition of High Quality Oil and Gas Assets from Repsol

Jan 25, 2022

Hibiscus Petroleum is pleased to announce that its indirect wholly-owned subsidiary, Peninsula Hibiscus, has successfully completed the acquisition of the entire equity interest in Fortuna International Petroleum Corporation (FIPC) on 24 January 2022.

Out of the purchase price of USD212.50 million, the net amount paid at completion is USD123.65 million after taking into account various adjustments including the deposit paid of USD15.00 million.

The completion comes shortly after all conditions were fulfilled as announced on 20 January 2022.

To recap, the high-quality asset portfolio comprises interests and operatorship in the following five production sharing contracts (PSCs) in Malaysia and Vietnam:


Participating Interest Location

PSC expiry



Geologically in the Southwest Malay Basin, offshore Peninsular Malaysia 30.03.2033


Geologically in the Southwest Malay Basin, offshore Peninsular Malaysia 26.11.2029
2012 Kinabalu Oil


Sabah, offshore Malaysia 25.12.2032


Geologically in the Northeast Malay Basin, within the CAA between Malaysia and Vietnam 31.12.2027
Block 46


Geologically in the Northeast Malay Basin, Vietnamese waters 31.12.2027

Our average daily oil and gas production is projected to increase almost threefold. As operator of the newly acquired assets, the Group is well-positioned to build on its successful operational track record in its other producing assets in the United Kingdom and Malaysia.

Commenting on the completion, Managing Director, Dr Kenneth Gerard Pereira, said, “The completion of this acquisition brings to a close the process which began when we first bid for these assets and opens a new chapter in the Group’s next phase of growth. We welcome onboard the Repsol team into the Hibiscus family and look forward to working together on further enhancing value from these assets in 2022 and beyond.

Almost 50% 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.

Finally, this transaction has been made possible with the strong support of our shareholders, industry regulators both in Malaysia and Vietnam as well as our business partners. Our current partnership with PETRONAS and Petronas Carigali Sdn Bhd will be further strengthened and we are excited to forge a new working relationship with PetroVietnam as we expand our geographic footprint into Vietnam.”