Hibiscus Petroleum completes acquisition of TotalEnergies’ Brunei unit

HIBISCUS Petroleum Berhad has successfully completed its acquisition of TotalEnergies EP (Brunei) B.V. through its indirect wholly owned subsidiary, Simpor Hibiscus Sdn Bhd.

With this acquisition, the group now holds a 37.5% interest in the Block B Maharajalela Jamalulalam (MLJ) field, a gas-producing asset in Brunei.

The joint venture partners include Shell Deepwater Borneo B.V. (35.0%) and Brunei Energy Exploration Sdn Bhd (27.5%), with the concession set to run until November 2029, with potential extensions.

“This marks the expansion of the group’s geographic footprint into Brunei and solidifies our position as an independent exploration and production (E&P) player in the ASEAN region,” its MD Dr. Kenneth Gerard Pereira said in a statement today.

He said it also provides a better balance to its asset portfolio as the world transitions to a lower carbon energy mix with higher global demand for natural gas.

“We believe that this asset will translate into higher and positive returns for our shareholders. The biggest asset is the highly qualified team in Brunei whom we warmly welcome to the Hibiscus Group,” he added.

He reiterated the group’s commitment to continuing and expanding TotalEnergies Brunei’s local program and expressed gratitude to His Majesty of the Brunei Government for welcoming them into the country’s robust oil and gas sector.

He also acknowledged the support from joint venture partners Shell Deepwater Borneo B.V. and Brunei Energy Exploration Sdn Bhd throughout the acquisition process.

He said the company looks forward to strengthening relationships and realizing their shared vision. — TMR