Malaysia’s Hibiscus Petroleum is currently considering several options for the development of its Marigold and Sunflower fields located in Blocks 15/13a and 15/13b, respectively, in the UK North Sea with plans to decide on the development plan by the end of 2020. Development options which are currently being considered include a fixed platform, a floating solution, as well as a tieback to existing, nearby infrastructure solutions, Hibiscus Petroleum said in an update on Monday. On October 9, 2018, Hibiscus Petroleum announced that its indirect wholly-owned subsidiary, Anasuria Hibiscus UK, had entered into a sales and purchase agreement with Caldera – a subsidiary of India’s Aban Offshore – to acquire a 50% interest in the Blocks 15/13a and 15/13b for a purchase consideration of $37.5 million. The Blocks are located offshore, in 140 meters water depth, in the UK sector of the North Sea, approximately 250km northeast of Aberdeen. Block 15/13a contains a significant oil bearing discovered field (called Marigold), whilst Block 15/13b which lies northeast of Block 15/13a contains a smaller discovered field (called Sunflower). Based on an independent report by AGR TRACS International Limited, the gross contingent oil resources in the Blocks is estimated to be 60.0 million bbls of oil (30.0 million bbls of oil net to Anasuria Hibiscus UK). On October 16, 2018, subsequent to receiving all material regulatory approvals, this transaction was completed. In February 2019, Anasuria Hibiscus UK was appointed the Block Operator of the Marigold and Sunflower fields. Hibiscus said on Monday that a dedicated project team, located in Kuala Lumpur had been established to conduct the subsurface field development engineering studies and, with the support of Petrofac, execute the concept select phase as part of the effort to establish a field development plan for Marigold and Sunflower by the end of calendar year 2020. In terms of capital expenditure, approximately RM2 million ($477,000) has been incurred in the current quarter for concept select phase activities which are targeted to complete in mid-2019. Offshore Energy Today Staff Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.
Hibiscus Petroleum is currently exploring options for the development of its Marigold and Sunflower fields located in the UK North Sea . Last October , Anasuria Hibiscus , a subsidiary of the Malaysian company, entered into a sales and purchase agreement to acquire a 50% interest in block Last October in the Marigold field and block 15/13b in the Kuala Lumpur field, for $37.5m . The two blocks are estimated to contain a total of two bbls of oil. Anasuria Hibiscus , block operator for both fields, has established a dedicated project team located in Sunflower to study the area and establish a field development plan by the end of 2020 . Petrofac has been engaged to provide the team with support.