Malaysia-Vietnam CAA

Malaysia-Vietnam CAA At A Glance

On 24 January 2022, we completed the acquisition and transfer of operatorship in the PM3 CAA PSC as part of the same acquisition which included the three Malaysian PSCs and one Vietnamese PSC. The PM3 CAA PSC has allowed us to diversify our production to include gas.

Production enhancement projects under our operatorship, including the longest well drilled in Malaysia, have unlocked higher oil and gas production, while our gas exploration wells have also proved successful.

In April 2025, we secured a 20-year PSC extension for PM3 CAA. The extended PSC underpins the viability of the PM3 CAA PSC Master Hub Plan – a strategic development framework centred around the existing gas processing facilities within the PM3 CAA cluster. This extension enables Hibiscus Petroleum to economically pursue new well developments within PM3 CAA and enables tie-ins from nearby gas assets, including at PKNB (awarded in July 2024) and PM327 (farmed-in July 2024), maximising existing infrastructure.

PM3 CAA PSC

Asset Name:
PM3 CAA PSC

Licence:
PM3 Commercial Arrangement Area Production Sharing Contract

Hibiscus Petroleum’s Interest:
35%

Operator:
Hibiscus Oil & Gas Malaysia Limited

Non-operating Partners:
Petronas Carigali Sdn Bhd, PetroVietnam Exploration Production Corporation Limited (PVEP) 

Asset Location:
CAA between Malaysia and Vietnam

Water Depth:
56m

Field Life Cycle:
Production

Producing Fields:
Bunga Orkid, Bunga Pakma, Bunga Raya, Bunga Seroja, Bunga Kekwa, Bunga Tulip, Bunga Lavatera, Bunga Aster

Development Type:
Fixed platforms with gas pipelines to Peninsular Malaysia and Vietnam, oil export via FSO Orkid and FSO PM3 CAA

Acquisition Completion Date:
24 January 2022

Office Locations:
Kuala Lumpur, Kota Bharu, Kemaman

Awards:

  1. PETRONAS Emerald Awards – Awarded in May 2025:
    • Gold Award – Talent Development Excellence
    • Silver Award – Exploration Excellence
    • Bronze Award – Wells Excellence
  2. PETRONAS Focused Recognition Award – Awarded in March 2025 for:
    • Optimising Northern Field production and sustaining the production at Southern Fields; Achieved PM3 CAA total crude and condensate production higher than target by 18%, 18.4 kbd vs 15.7 kbd;
    • Proactively converting High Pressure gas to Low Pressure system for Production Optimisation; Delivered Gas Sales of 194.4 MMscfd higher than 2024 Annual Gas Delivery Program of 194 MMscfd; and
    • PM3CAA total GHG emissions for 2024 lower than approved target and completion of Energy Landscape Assessment.
  3. PM3CAA total GHG emissions for 2024 lower than approved target and completion of Energy Landscape Assessment.
  4. Awards from Malaysia Petroleum Management (MPM) for 2024 Turnaround Campaign
    • Malaysia Turnaround Appreciation Award; and
    • Special Award (Best Small-Scale Turnaround)
  5. Certificate of Merit from PVEP – Awarded in January 2024 in recognition of our excellence in operating and managing petroleum operations in Vietnam 2023.
  6. Malaysia Petroleum Management (MPM) Wells Appreciation Townhall – Received awards in March 2024 for achieving the lowest drilling cost per foot for a development well in Malaysia; delivering the country’s longest well; and for Malaysia’s first autonomous inflow control valve (AICV) installation.
  7. PETRONAS Focused Recognition Award – Awarded in March 2024 for successfully delivering the 2023 PM3 projects on time and within budget, while meeting target volumes.
  8. PETRONAS Focused Recognition Award – Awarded in November 2024 from PETRONAS MPM Wells Management for achieving 14 years with Zero Lost Time Injury.

Highlights

AVERAGE UPTIME1

93%

AVERAGE NET DAILY PRODUCTION RATE1

10,631

bbl/day
AVERAGE UNIT PRODUCTION COST1

13.88

USD/bbl
LTIR1,3

0.06

2P OIL RESERVES2

6.8

MMstb
2P GAS RESERVES2

92.8

Bscf
2C OIL RESERVES2

5.1

MMstb
2C GAS RESERVES2

47.8

Bscf

Notes:

1 For the financial year ended 30 June 2025.

2 As at 1 July 2025, based on internal estimates.

3 LTIR represents the frequency of lost time injuries (LTI) which include fatalities, permanent disabilities or workhours lost due to workplace incidents per 200,000 hours worked by both employees and contractors.

 

Key:

  • 2P Oil or Gas Reserves – Proven and probable oil or gas reserves.
  • 2C Oil or Gas Resources – Best estimate contingent oil or gas resources.
  • boe – Barrels of oil equivalent.
  • MMstb – Million stock tank barrels.
  • Bscf – Billions of standard cubic feet of gas.
  • LTIR – Lost Time Injury Rate.
  • USD – United States Dollar.
  • FSO – Floating Storage and Offloading.
  • kbd – Thousand barrels per day.
  • MMscfd – Million standard cubic feet per day.
  • GHG – Greenhouse gas