Hibiscus Petroleum of Malaysia and Ithaca Energy of the United Kingdom are revisiting the idea formulation for a pair of North Sea discoveries that the two companies will jointly develop.
On October 16, 2018, Hibiscus Petroleum and its wholly owned subsidiary, Anasuria Hibiscus UK (AHUK), secured the discovered oilfields known as Marigold and Sunflower.
Due to the impact of Covid-19, Hibiscus delayed the final investment decision (FID) for the Marigold production until the end of March 2021 in December 2020.
Meanwhile, another trend has occurred that has an impact on the Marigold field's development. In particular, the UK Oil and Gas Authority (OGA) demanded in January 2021 that AHUK collaborate with Ithaca Energy, the holder of License P2158 (Block 15/18b), which is adjacent to the Marigold field and contains the Yeoman find, to consider a similar exploration solution for the resources contained in both licenses.
Ithaca obtained the P2158 (Block 15/18b) authorization from the French company Total in 2020.
As a consequence of the UK's petroleum regulator's appeal, Ithaca and AHUK have agreed to jointly grow the Marigold resources in Blocks 15/13a and 15/18b, which include the Yeoman resources (now renamed Marigold East).
Hibiscus stated in a Monday announcement that the parties are currently negotiating a Joint Venture Agreement and revisiting the development model to decide if the Voyageur Spirit FPSO is the best production facility for the expanded resource base being built.
The Voyageur Spirit FPSO formerly worked on Premier Oil's Huntington field in the UK North Sea before Premier agreed to decommission the field in early 2020 and submitted a decommissioning schedule. The FPSO was decommissioned in the summer of 2020 and is now being stored at the UK's Kishorn Port.
Furthermore, Ithaca is considering tying the combined tools to RepsolSinopec's Piper B platform as a growth alternative.
According to Hibiscus, a decision about which definition will be taken forward for implementation is scheduled to be reached by the end of August 2021.
Hibiscus also stated that, in accordance with the farm-in agreement signed on 20 January 2021 with Caldera Petroleum on 29 March 2021, AHUK obtained permission from the OGA to move 37.5 percent of the P198 license, which includes the Marigold and Sunflower fields, from Caldera to AHUK. The interest transition has now been completed.
Hibiscus Petroleum of Malaysia and Ithaca Energy of the United Kingdom are revisiting the idea formulation for a pair of North Sea discoveries that the two companies will jointly develop.
On October 16, 2018, Hibiscus Petroleum and its wholly owned subsidiary, Anasuria Hibiscus UK (AHUK), secured the discovered oilfields known as Marigold and Sunflower.
Due to the impact of Covid-19, Hibiscus delayed the final investment decision (FID) for the Marigold production until the end of March 2021 in December 2020.
Meanwhile, another trend has occurred that has an impact on the Marigold field's development. In particular, the UK Oil and Gas Authority (OGA) demanded in January 2021 that AHUK collaborate with Ithaca Energy, the holder of License P2158 (Block 15/18b), which is adjacent to the Marigold field and contains the Yeoman find, to consider a similar exploration solution for the resources contained in both licenses.
Ithaca obtained the P2158 (Block 15/18b) authorization from the French company Total in 2020.
As a consequence of the UK's petroleum regulator's appeal, Ithaca and AHUK have agreed to jointly grow the Marigold resources in Blocks 15/13a and 15/18b, which include the Yeoman resources (now renamed Marigold East).
Hibiscus stated in a Monday announcement that the parties are currently negotiating a Joint Venture Agreement and revisiting the development model to decide if the Voyageur Spirit FPSO is the best production facility for the expanded resource base being built.
The Voyageur Spirit FPSO formerly worked on Premier Oil's Huntington field in the UK North Sea before Premier agreed to decommission the field in early 2020 and submitted a decommissioning schedule. The FPSO was decommissioned in the summer of 2020 and is now being stored at the UK's Kishorn Port.
Furthermore, Ithaca is considering tying the combined tools to RepsolSinopec's Piper B platform as a growth alternative.
According to Hibiscus, a decision about which definition will be taken forward for implementation is scheduled to be reached by the end of August 2021.
Hibiscus also stated that, in accordance with the farm-in agreement signed on 20 January 2021 with Caldera Petroleum on 29 March 2021, AHUK obtained permission from the OGA to move 37.5 percent of the P198 license, which includes the Marigold and Sunflower fields, from Caldera to AHUK. The interest transition has now been completed.
Hibiscus Petroleum of Malaysia and Ithaca Energy of the United Kingdom are revisiting the idea formulation for a pair of North Sea discoveries that the two companies will jointly develop.
On October 16, 2018, Hibiscus Petroleum and its wholly owned subsidiary, Anasuria Hibiscus UK (AHUK), secured the discovered oilfields known as Marigold and Sunflower.
Due to the impact of Covid-19, Hibiscus delayed the final investment decision (FID) for the Marigold production until the end of March 2021 in December 2020.
Meanwhile, another trend has occurred that has an impact on the Marigold field's development. In particular, the UK Oil and Gas Authority (OGA) demanded in January 2021 that AHUK collaborate with Ithaca Energy, the holder of License P2158 (Block 15/18b), which is adjacent to the Marigold field and contains the Yeoman find, to consider a similar exploration solution for the resources contained in both licenses.
Ithaca obtained the P2158 (Block 15/18b) authorization from the French company Total in 2020.
As a consequence of the UK's petroleum regulator's appeal, Ithaca and AHUK have agreed to jointly grow the Marigold resources in Blocks 15/13a and 15/18b, which include the Yeoman resources (now renamed Marigold East).
Hibiscus stated in a Monday announcement that the parties are currently negotiating a Joint Venture Agreement and revisiting the development model to decide if the Voyageur Spirit FPSO is the best production facility for the expanded resource base being built.
The Voyageur Spirit FPSO formerly worked on Premier Oil's Huntington field in the UK North Sea before Premier agreed to decommission the field in early 2020 and submitted a decommissioning schedule. The FPSO was decommissioned in the summer of 2020 and is now being stored at the UK's Kishorn Port.
Furthermore, Ithaca is considering tying the combined tools to RepsolSinopec's Piper B platform as a growth alternative.
According to Hibiscus, a decision about which definition will be taken forward for implementation is scheduled to be reached by the end of August 2021.
Hibiscus also stated that, in accordance with the farm-in agreement signed on 20 January 2021 with Caldera Petroleum on 29 March 2021, AHUK obtained permission from the OGA to move 37.5 percent of the P198 license, which includes the Marigold and Sunflower fields, from Caldera to AHUK. The interest transition has now been completed.
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