PETRONAS Carigali Achieves First Hydrocarbon Production from Bindu Field Offshore Terengganu

PETRONAS Carigali, a wholly-owned subsidiary of PETRONAS, has achieved first hydrocarbon production from the Bindu field, located 210 km off the coast of Terengganu. The field development comprises a new wellhead platform connected to the Guntong E production hub via a 62-km pipeline. PETRONAS Carigali operates the field with a 50% participating interest, with joint venture partner ExxonMobil holding the remaining stake.

Hibiscus Petroleum Berhad's subsidiary, Hibiscus Oil & Gas Malaysia (HML), has signed a heads of agreement with PetroVietnam Exploration Production Corporation (PVEP) for the tie-in of Block 46/13 production sharing contract (PSC) production to the PM3 Commercial Arrangement Area (PM3 CAA) PSC facilities. This strategic move aims to enhance the utilization of the PM3 CAA PSC infrastructure. HML is the operator of the PM3 CAA PSC, while PVEP is the operator of Block 46/13 PSC. The agreement outlines engineering and construction terms for the facilities tie-in, as well as arrangements for handling the product. This will allow the production from Block 46/13 to be processed through the existing PM3 CAA PSC facilities, optimizing the utilization of available capacity under the new agreement. A commercial framework will govern the handling of production and the allocation of costs associated with Block 46/13. Final approval is contingent upon receiving approvals from Petroliam Nasional Berhad (Petronas) and Vietnam National Industry - Energy Group (PETROVIETNAM). This collaboration is part of the PM3 CAA PSC Master Hub Strategy, which Hibiscus Petroleum, through HML and its partners PETRONAS Carigali and PVEP, is pursuing. The strategy aims to extend the economic life of the PM3 CAA by sharing costs and optimizing the use of shared infrastructure. The arrangement also highlights the strengthening of cross-border cooperation between Malaysia and Vietnam. Both Hibiscus Petroleum and PVEP are working in close coordination under the guidance of their respective national oil companies, Petronas and PETROVIETNAM, to bring this initiative to fruition. In April, Hibiscus Petroleum secured a 20-year extension for the PM3 CAA PSC and upstream gas sales agreement (UGSA) [1].

In a separate development, PETRONAS Carigali, a wholly-owned subsidiary of PETRONAS, has achieved first hydrocarbon production from the Bindu field, located 210 km off the coast of Terengganu. The field development comprises a new wellhead platform connected to the Guntong E production hub via a 62-km pipeline. PETRONAS Carigali operates the field with a 50% participating interest, with joint venture partner ExxonMobil holding the remaining stake [2].

References:
[1] https://finance.yahoo.com/news/hibiscus-petroleum-signs-tie-deal-143517659.html
[2] https://www.offshore-technology.com/news/hibiscus-petroleum-secures-20-year-extension-for-pm3-caa-petroleum-143517659.html