Sea Hibiscus, a partly-owned subsidiary of the buyer, is set to acquire Shell’s 50% stake in the 2011 North Sabah enhanced oil recovery production sharing contract that encompasses the St Joseph, South Furious, SF30 and Barton fields, as well as the Labuan oil terminal, according to a joint statement by both companies cited by Malaysian media.
The fields had average production of 18,000 barrels per day last year, with future development opportunities identified in the PSC that extends to 2040, Hibiscus stated.
Sabah
