Malaysia-Vietnam Commercial Arrangement Area At A Glance
On 24 January 2022, we completed the acquisition and transfer of operatorship in the PM3 Commercial Arrangement Area (CAA) PSC as part of the same transaction which include 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 oil and gas exploration wells have also proved successful.
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
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:
(i) Certificate of Merit from PetroVietnam – Awarded in January 2024 in recognition of our excellence in operating and managing petroleum operations in Vietnam 2023.
(ii) PETRONAS Focused Recognition Award – Awarded in March 2024 for successfully delivering the 2023 PM3 projects on time and within budget, while meeting target volumes.
(iii) MPM Wells Appreciation Town hall – Receiving Awards in March 2024 for achieving the lowest drilling cost per foot for a development well in Malysia; delivering the country’s longest well; and for Malaysia’s first AICV installation.
(iv) PETRONAS Malaysia Upstream Awards 2024; Awarded Wells Excellence – GOLD award and for Project Delivery Excellence – GOLD award
Other Awards:
Safety
(i) PETRONAS Malaysia Upstream Awards 2023: HSSE Excellence – Silver Award.
(ii) PETRONAS Focused Recognition Award: Awarded in March 2023 for excellent HSSE performance for PM3 CAA in calendar year 2022.
Production
(i) PETRONAS Focused Recognition Award: Awarded in March 2022 for increasing gas supply from PM3 CAA to support higher gas demand in February 2022.
(ii) PETRONAS Malaysia Upstream Awards 2022: Project Delivery Excellence – Bronze Award. Awarded to Hibiscus Oil & Gas Malaysia for tremendous performance and successful delivery of the H4 Development Facilities Project despite the unprecedented COVID-19 pandemic and volatile market conditions.
(iii) PETRONAS Malaysia Upstream Awards 2023: Project Delivery Excellence – Silver Award.
(iv) PETRONAS Focused Recognition Award: Awarded in April 2023 for completion of the drilling of the longest well in Malaysia and for successfully flowing the well at rates exceeding initial expectations.
(v) PETRONAS Focused Recognition: Received in March 2023 for timely reinstatement of Flash Gas Compressor (FGC) at PM3 and successfully increasing PM3 CAA gas availability by 40 MMscf per day to fulfil high gas demand from Kerteh (Malaysia) and Ca Mau (Vietnam).
Highlights
AVERAGE UPTIME1
90%
AVERAGE NET DAILY OIL AND CONDENSATE PRODUCTION RATE1
3,216
bbl/day
AVERAGE NET DAILY GAS PRODUCTION RATE1
7,298
boe/day
AVERAGE UNIT PRODUCTION COST1
13.8
USD/bbl
LTIR1,3
0
2P OIL RESERVES2
3.1
MMstb
2P GAS RESERVES2
49.0
Bscf
IMPORTANT SOURCE OF GAS FOR
Malaysia and Vietnam
NOTES:
1 For the financial year ended 30 June 2024.
2 As at 1 July 2024, based on FIPC Group’s current estimated net entitlement, as per RPS Energy’s report dated August 2023 and adjusted for actual production during the 12 months ended 30 June 2024.
3 LTIR represents the frequency of lost time injuries (LTI), which includes fatalities, permanent disabilities or workhours lost due to workplace incidents, per 200,000 hours worked by both employees and contractors.
KEY:
- 2P Oil/Gas Reserves – Proven and probable oil/gas reserves.
- bbl – Barrels.
- boe – Barrels of oil equivalent.
- MMstb – Million stock tank barrels.
- Bscf – Billions of standard cubic feet of gas.
- LTIF – Lost Time Injury Rate.
- USD – United States Dollar.
- FIPC – Fortuna International Petroleum Corporation.
- FSO – Floating Storage and Offloading.
- RPS Energy – RPS Energy Consultants Limited.