Hibiscus Petroleum Berhad, a Malaysia-based independent exploration and production company, announced Thursday that the National Offshore Petroleum Titles Administrator (NOPTA) of Australia has awarded the VIC/P57 joint venture, a Production License VIC/L31, over the West Seahorse oil field in the offshore Gippsland Basin, Victoria, Australia.
The Production License award provides greater certainty to the West Seahorse project. A Final Investment Decision is currently expected in the first half of 2014, with production targeted a year later.
West Seahorse is being developed by the VIC/P57 joint venture comprising Hibiscus Petroleum‘s subsidiary, Carnarvon Hibiscus Pty Ltd (50.1 percent) which is Operator for the VIC/P57 permit and Australian Securities Exchange-listed 3D Oil Limited (49.9 percent).
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