Straits Hibiscus Sdn Bhd, an indirect wholly owned subsidiary of Hibiscus Petroleum Bhd, has agreed to acquire a 30% interest in the Block PM327 production sharing contract (PSC) through a farm-in with Petronas Carigali Sdn Bhd.
Block PM327 is one of the largest exploration blocks offshore Peninsular Malaysia, and lies to the south of the PM3 Commercial Arrangement Area 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 sq km in water depths of 20-75 m. Exploration activities began in 2023. The program includes acquisition of new 3D seismic, reprocessing of existing seismic data, and phased drilling of exploration wells.
The PM327 PSC was offered as part of the Malaysia Bid Round 2022 by Malaysia Petroleum Management and Petroliam Nasional Berhad (Petronas) and was awarded to Petronas Carigali and E&P Malaysia Venture Sdn Bhd (EPMV) in 2023.
