Hibiscus Petroleum sees more active O&G project execution this year

KUALA LUMPUR: 2018 is expected to be the year for both the big and small oil & gas (O&G) players with the strengthening oil price, with more active efforts on project execution, said Hibiscus Petroleum Bhd managing director Dr Kenneth Pereira.
"At a period where the oil price is up, you're able to sanction projects and get service rates relatively low. Service rates have not increased substantially," he told reporters at its EGM here today.
He opined that the industry will be more cautious on merger and acquisitions, as there may be more opportunities in the market, but buyers may not necessarily buy at a higher oil price.
At the EGM, Hibiscus Petroleum shareholders approved its proposed issuance of up to 317.65 million free warrants on the basis of one new warrant 2018/2021 for every five existing shares.