Malaysia's Hibiscus Petroleum has received the approval it needs to complete the US$212.5 million cash acquisition of Repsol's oil and gas portfolio in Malaysia.

Hibiscus said Petronas and PetroVietnam - the national oil companies of Malaysia and Vietnam, respectively - had approved on 19 January 2022 the change of control to Hibiscus of Repsol’s rights, interests and obligations in the Block PM3 CAA production sharing contract and the unitisation agreement of the Block 46 PSC (Cai Nuoc).