Hibiscus Petroleum and Ping Petroleum, both operating in the UK, have inked a significant deal with Rapid Oil Production, securing majority stakes in the Fyne field, which boasts a substantial 75 million barrels of estimated oil equivalent STOOIP (stock tank oil initially in place). In an announcement made on September 1, Hibiscus Petroleum's local unit, Anasuria Hibiscus UK, and Ping Petroleum UK independently entered into similar farm-in agreements with Rapid Oil for Licence P2451, located in Block 21/28b in the central North Sea, approximately 100 miles east of Aberdeen.

Under the terms of these agreements, Anasuria Hibiscus and Ping Petroleum will each acquire a 42.5% equity interest in the license, with the remaining 15% held by Rapid Oil. Notably, these Malaysian firms already have a North Sea joint venture in the form of the Anasuria Operating Company (AOC), which manages a cluster bearing the same name. Following the completion of the acquisition, Hibiscus intends to assume operatorship of the field development, with responsibility eventually transitioning to the AOC venture once production commences.

The Fyne field, situated approximately 10 miles from the existing Anasuria floating production storage and offloading vessel (FPSO), is set to undergo a development plan involving a single well development tied back to the asset. This addition is anticipated to enhance the value and extend the field life of the existing Anasuria Cluster, as stated by Hibiscus.

However, the deal is still contingent upon approval by the North Sea Transition Authority (NSTA).

Fyne's history has seen it change hands among various operators over the years, including Premier Oil and Enegi Oil, since its discovery by Mobil in 1987. Rapid Oil acquired it from the previous owner, Carrick Resources, in 2021. Rapid Oil, led by former TechnipFMC subsea executive Hallvard Hasselknippe, has expressed its intent to secure regulator approval for Fyne's development this year, potentially unlocking additional prospects in adjacent blocks, such as Crinan and Dandy, in subsequent phases.

While Carrick Resources had previously suggested that developing the field as a production hub could unlock additional undeveloped resources in neighboring blocks, the decision to tie it back to the Anasuria unit implies a different strategy.

Fyne represents the latest addition to the lineup of developments associated with the Anasuria FPSO, with Hibiscus having received NSTA approval for its Teal West development last month. This development will join existing links to the Teal and Teal South fields, and drilling is expected to commence this year, with first oil production scheduled for 2024.