Malaysian independent Hibiscus Petroleum said it has delayed its West Seahorse offshore oil project in Australia for at least three years.
West Seahorse contains 8 million barrels of proven and probable oil reserves, and was initially identified as a fast-track development.
Hibiscus had intended to bring the field on stream in 2015 but the low oil prices made it necessary to defer the project until oil prices stabilised and capital was more readily available, the company said previously.
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