By Stephanie Jacob
Hibiscus Petroleum confirmed that it is in the process of finalising its bid for Newfield Exploration Co’s Malaysian assets after being one of a handful of companies that were shortlisted for the second round of bidding.
Chairman Zainul Rahim Mohd Zain said that Hibiscus was currently putting together its bid and deciding whether or not it wanted to enter into partnerships with other companies or enter a bid on its own.
Zainul chose to remain tight lipped on who Hibiscus might partner with and whether or not they were local or international companies. Only saying that Hibiscus was in discussion with several oil and gas players and still deciding how best to submit it.
He also added that Hibiscus’ bid would be funded by three banks, namely RHB Bank, ANZ Bank and UOB.
Bids are to be submitted by Sept 26, 2013.
Zainul said that the given timetable was tight, but emphasised that the team was working towards meeting it. Nonetheless he conceded that Hibiscus might be forced to ask for an extension and predicted that other companies might too.
Hibiscus managing director Ken Pereira said that the company was interested in Newfield’s assets as they were at the production stage.
“We are in the process of looking at a producing asset, and our bid with Newfield is part of that activity,” said Pereira.
He added that although eventually Hibiscus assets, such as those in Oman (exploration stage) and Australia (at the development stage) would move into production stage; the company was still looking at securing a producing asset to balance its portfolio of assets.
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