Hibiscus Petroleum Bhd (KL:HIBISCS) has been awarded a 65% participating interest and operatorship in a production sharing contract by Petroliam Nasional Bhd (Petronas). Its unit Hibiscus Oil & Gas Malaysia Ltd has secured the 65% PI, while the remaining share is held by Petronas Carigali Sdn Bhd. The effective date of the contract is July 1, with a contract duration of 24 years. — Hibiscus awarded 65% participating interest in PSC by Petronas

Separately, Petronas awarded Ping Petroleum Sdn Bhd, a subsidiary of Dagang NeXchange (KL:DNEX) and Duta Marine Sdn Bhd a small field asset (SFA) cluster PSC for the Bubu, Bunga Tasbih and Enau fields. The award is a part of the Petronas' PSC for three clusters of discovered resource opportunities under the Malaysia Bid Round Plus Round I. The awarded PSCs cover 12 oil and gas fields in the Malay basin, offering synergistic development opportunities due to their location near existing infrastructure. — Petronas awards three PSCs for discovered resource clusters, more to come