Hibiscus Petroleum completed the acquisition of E&P assets in Malaysia and in Block 46 CN in Vietnam from Repsol for $212m.

Hibiscus Petroleum, a company engaged in the exploration and development of oil and gas, completed the acquisition of E&P assets in Malaysia and in Block 46 CN in Vietnam from Repsol, a company that explores and produces crude oil and natural gas, refines petroleum, and transports petroleum products, for $212m. The transaction supports the broader rationalization of the company’s global portfolio, within the framework of its 2021-2025 strategic plan that focuses on the geographic areas with the greatest competitive advantages. Repsol is concentrating its upstream activity on 14 key projects centered around producing basins and executed through lean modular development, prioritizing value over volume.