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A new well is all set to be pu...

OIL AND GAS

A new well is all set to be put in the offshore Malaysia-Vietnam agreement area

new well offshore Malaysia Vietnam agreement
The Silicon Review
01 May, 2024

Hibiscus Petroleum has outlined plans to continue exploration efforts in collaboration with stakeholders

Hibiscus Petroleum Bhd. has announced a significant oil discovery in the offshore Malaysia-Vietnam agreement area, marking yet another milestone in the company's exploration endeavors. The discovery, named Bunga Aster-1, is poised to boost production levels and further solidify the company's presence in the region. Bunga Aster-1, located within the PM3 Commercial Arrangement Area Production Sharing Contract (PM3 CAA PSC), boasts a potential oil column of up to 46 meters (150,919 feet). This discovery follows closely on the heels of the Bunga Lavatera find in 2023, reinforcing Hibiscus Petroleum's reputation as a key player in the oil and gas sector. Initial assessments of Bunga Aster-1 indicate promising reservoir characteristics, with the rig encountering 17.5 meters (574,147 feet) of oil-bearing sandstone. The decision to drill from the existing Bunga Orkid-D platform has expedited the monetization process, with first oil production expected to commence this month.

This latest discovery underscores the success of the Malaysia-Vietnam PSC, with Bunga Orkid joining a roster of already productive fields in the area. Hibiscus Petroleum has outlined plans to continue exploration efforts in collaboration with stakeholders, under the guidance of Malaysia Petroleum Management and Petroliam Nasional Berhad (PETRONAS). As the operator of the license with a 35 percent stake, Hibiscus Petroleum remains committed to maximizing the potential of its assets in the region. With a strategic acquisition and an extension of the PM3 CAA, the company is well-positioned to capitalize on the vast reserves and drive growth in oil and gas production for the foreseeable future.

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