Hibiscus mulls options for development of two UK North Sea fields

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. 

Sunflower & Marigold map. Source: Oil and Gas Authority

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


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