Malaysian independent Hibiscus Petroleum has been granted “major project status” for its offshore West Seahorse oil development in south-east Australia.
West Seahorse contains 8 million barrels of proven and probable oil reserves, and was originally identified by Hibiscus as a potential fast-track development.
However that was before the oil price crash, which pushed Hibiscus to defer the project indefinitely. In its latest financial results, the Malaysian operator reiterated that West Seahorse has been delayed until about the end of 2019.
