KUALA LUMPUR, Aug 22 – Hibiscus Petroleum Berhad (HIBI: MK), through its wholly owned subsidiary Hibiscus Oil & Gas Malaysia Limited (HML), has signed a Heads of Agreement (HoA) with PetroVietnam Exploration Production Corporation Ltd (PVEP) to tie in production from Block 46/13 PSC, offshore Vietnam, to the PM3 Commercial Arrangement Area Production Sharing Contract (PM3 CAA PSC) facilities.
Under the HoA, both parties have agreed on the framework for facilities tie-in engineering and construction, as well as product handling arrangements. Once finalised, Block 46/13 production will be processed through the existing PM3 CAA PSC infrastructure, optimising available capacity. The agreement also sets out the commercial terms governing production handling and cost allocation.
The definitive tie-in agreement remains subject to approvals from Petroliam Nasional Berhad (PETRONAS) and Vietnam’s state-owned oil and gas group, PETROVIETNAM.
According to Hibiscus Petroleum, the collaboration advances the PM3 CAA PSC Master Hub Strategy, which aims to extend the economic life of the asset through shared infrastructure and cost efficiencies. The move also strengthens cross-border energy cooperation between Malaysia and Vietnam, with Hibiscus Petroleum and PVEP working under the oversight of PETRONAS and PETROVIETNAM.
