KUALA LUMPUR – Malaysian petroleum exploration firm Hibiscus Petroleum Berhad is among six companies identified by the United Kingdom government to be fast-tracked for exploration in the North Sea.
On Wednesday, Chancellor of the Exchequer Rishi Sunak told the House of Commons that a subsidiary of Hibiscus, Anasuria Hibiscus, is one of six projects to be fast-tracked for approvals in the UK.
The acceleration, according to Sunak, is to keep up with the UK’s growing energy needs.
Marigold Oil Field lies in Licence P198 in the central North Sea around 135 miles northeast of Aberdeen at a depth of 140m, reports energy magazine Offshore.
The fields known as the Marigold Cluster are thought to contain around 60 million BOE (barrel of oil equivalent).
Anasuria Hibiscus, alongside partner Caldera Petroleum, submitted a field development plan for phase one of the Marigold project to UK regulators in December 2020.
The scheme comprised three subsea production wells tied back to a floating production, storage, and offloading (FPSO) vessel, according to earlier reports.
Hibiscus Petroleum is Malaysia’s first listed independent oil and gas exploration and production company, having made its debut on Bursa in 2011.
As of the time of publishing, Hibiscus shares were trading at RM1.04 this morning. – The Vibes, February 11, 2022
