Hibiscus Clears Australian FIRB's Hurdle to Take 25% Stake in Kitan Field
Malaysia-based Hibiscus Petroleum Berhad received Thursday a letter from Australia's Foreign Investment Review Board (FIRB) stating that it has no objections to Hibiscus' proposed acquisition of the entire equity interest in Talisman Energy's subsidiary Talisman Resources (JPDA 06-105) Pty Ltd, which has a 25 percent stake in the Kitan producing oil field in the Australia-Timor Leste Joint Petroleum Development Area (JPDA) approximately 341 miles north east of Darwin, Australia.
"The statement of no objections is valid for 12 months from the date (Aug. 21) of its letter to allow the Proposed Acquisition to be undertaken and subject to no material changes altering the Proposed Acquisition," Hibiscus said in a press release.
The Malaysian oil and gas company added that completion of the Proposed Acquisition is currently still pending, with approval being obtained from the relevant authorities of Timor-Leste and the parent company guarantees provided by Talisman Energy being returned to the Seller by the Designated Authority.
Through the acquisition, which costs $18 million, Hibiscus would become a partner in the Kitan oil field which Wood Mackenzie indicated has a reserves of around 17 million barrels as of Jan. 1. Average production at the Kitan field in 2014 is expected at around 10,000 barrels of oil per day.
Current joint venture partners in the Kitan oil field are operator Eni, which has a 40 percent stake, while Inpex and Talisman hold 35 percent and 25 percent interest, respectively.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension