Hibiscus favors phased approach for North Sea cluster oil project

Feb. 27, 2020
Hibiscus Petroleum has been officially confirmed as exploration operator of four UK central North Sea blocks.

Offshore staff

KUALA LUMPUR, Malaysia – Hibiscus Petroleum has been officially confirmed as exploration operator of four UK central North Sea blocks.

Blocks 15/13a, 15/13b, 15/18d, and 15/19b contain the Marigold, Sunflower, and Crown discoveries with combined 2C resources estimated at 60 MMbbl.

Hibiscus has established a project team for the development in Kuala Lumpur, with support from its office in Aberdeen, Scotland.

The team is responsible for subsurface and engineering studies and will execute the project with the support of third-party contractors.

The selected concept, approved by the UK’s Oil & Gas Authority last October, is directionally and horizontally drilled subsea wells tied back to an FPSO.

Since then, an expanded project team has been finalizing the development plan and conducting FEED studies for field development, environmental impact assessment, and the required production facilities.

Hibiscus plans a two-phase project to reduce risks associated with subsurface uncertainties. Initially three subsea wells will be drilled on Marigold alone, potentially followed by a second phase of drilling both on Marigold and the other fields for tieback to the FPSO.

A final investment decision and regulatory approvals for Phase 1 should come through by the end of this year.

02/27/2020

Courtesy Var Energi's "Interim Report Fourth quarter 2023" presentation
Courtesy Valeura Energy Inc. Corporate Overview (presentation), February 2024