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Malaysian oil company to enter Vietnam market

Dat Nguyen Tuesday | 06/08/2021 13:53

An oil platform in Vietnam waters. Photo acquired by VnExpress.

Malaysia’s Hibiscus Petroleum Berhad has acquired the assets of Spanish oil exploration and drilling firm Repsol Exploración, S.A. in Vietnam.

The deal includes five production sharing contracts, four in Malaysia and one in Vietnam, worth $212.5 million, according to a statement from Hibiscus.

It would help more than double its daily oil and condensate production to 18,500 barrels per day next year and contribute earnings before interest, tax, depreciation and amortization of $135 million, the statement added.

The company’s managing director, Kenneth Pereira, said: "We will be enhancing our geographical footprint and entering Vietnam and thus we look forward to developing a strong working relationship with Petrovietnam, both as a regulator and as our new partner."

Source: VnExpress

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