Hibiscus to get stake in Kitan in Bonaparte basin

Offshore staff

KUALA LUMPUR, Malaysia – Hibiscus Petroleum subsidiary Timor Hibiscus has agreed to acquire Talisman Resources (JPDA 06 105) Pty for $18 million.

The latter, owned by Talisman Energy, has assets that include a 25% stake in the Eni-operated Kitan oil field in the Bonaparte basin within the Australia-Timor Leste Joint Petroleum Development Area (JPDA), 550 km (342 mi) northeast of Darwin.

Kitan, which started production in 2011, has been developed via a subsea production system with three wells tied back to the FPSO Glas Dowr, delivering around 10,000 b/d of oil. Analysts Wood Mackenzie estimate remaining reserves at 17 MMbbl.

Hibiscus says the partners, including INPEX, are reviewing numerous infill drilling and additional well tieback opportunities.


Australia-Timor Leste Joint Petroleum Development Area

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...