Malaysia’s Hibiscus Petroleum Aims Up To 5000 Barrels/Day Output By FY20-Official

December 29, 2017

Dateline 2017-11-09, Nikkei Asian Review:

Malaysia’s Hibiscus Petroleum, an oil and gas exploration and production company, is aiming daily oil output up to 5,000 barrels from its Anasuria Cluster by the end of the fiscal year to Jun. 30, 2020, its managing director said Thursday.

“We hope to maintain at least 85% average facility uptime at Anasuria cluster,” Kenneth Gerard Pereira said at a news conference. This would help the company maintain cost of production at $15.4 per barrel at least through this financial year, he said.

“The current oil price is a sweet spot for us,” he said, and the company is comfortable under this operating environment as it estimates global Brent crude oil price to stay between $58 per barrel and $68 a barrel, Pereira added.

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Spotlight on Hibiscus Petroleum

March 30, 2017

Dateline 2016-02-22, Daily Express:

There is increased interest in Hibiscus Petroleum Bhd due to imminent regulatory approval for its propsed acquistion of a 50pc stake in four offshore oilfields in Sabah from Shell.

Hibiscus earkier announced it had entered into a conditional sale and purchase agreement with Sabah Shell Petroleum Company Ltd and Shell Sabah Selatan Sdn Bhd to acquire Shell’s entire 50pc interest in the 2011 North Sabah enhanced oil recovery production-sharing contract (PSC) for US$25 mil (RM 111mil).

The PSC comprises four producing oilfields namely, the St Joseph, South Furious, SF30, and Barton oilfields, and associated infrastructure such as pipeline infrastructure and the Labuan Crude Oil Terminal.

The purchase is subject to regulatory approval of Petroliam Nasional Bhd (Petronas) and the consent of Petronas Carigali Sdn Bhd, a 50pc joint venture partner in the PSC. If approval is gained, the acquisition is likely to be completed in the middle of the year.

Hibiscus managing director Kenneth Pereira declined to comment on the likelihood that Petronas will give its approval for the stake buy soon.

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