Hibiscus terminates Kitan field deal

Malaysian company Hibiscus Petroleum Bhd. has terminated its $18-million purchase of Talisman Energy Inc.’s 25% interest in Kitan oil field in the Timor Sea (OGJ Online, Apr. 7, 2014).

The purchase deal was struck in June 2014, but Hibiscus told the Malaysian stock exchange this week that conditions precedent to the share sale agreement had not been fully satisfied by the May 31 cut-off date.

Kitan field, which lies in the Joint Petroleum Development Area between Australia and Timor Leste 550 km northeast of Darwin, was discovered in 2008.

It is operated by Italy’s Eni SPA with 40% interest. Japan’s Inpex Corp. holds 35% while Talisman holds 25%.

The field was brought on stream in 2011 via three subsea wells connected to the Glas Dowr floating production, storage, and offloading vessel. Production is running at about 10,000 bo/d.

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...