Hibiscus to acquire oil production licenses

Hibiscus Petroleum Bhd's joint-venture unit, Lime Petroleum Norway AS, has received approval from the Norwegian Ministry of Petroleum and Energy to acquire two additional production licenses, PL 707 and PL 708, from North Energy ASA.

In a statement, Hibiscus Petroleum said the licenses, comprising 10 per cent interest each in PL 707 (Seiland West) and PL 708 (Seiland East) located in the Barents Sea in the Norwegian Continental Shelf, was acquired for a nominal 1 Norwegian Krone (US$0.16).

In September, it said the Norwegian Ministry of Petroleum and Energy approved the acquisition of four concessions by Lime Norway, namely PL 503, PL 503B, PL 616 and PL 498, from North Energy