Malaysia-Vietnam Commercial Arrangement Area At A Glance

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.

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 Ltd.

Asset Location:
Commercial Arrangement Area 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

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

Production Award:
Awarded the BRONZE award for Project Delivery Excellence for tremendous performance and successful delivery of the H4 Development Facilities Project despite the unprecedented Covid-19 pandemic and volatile market conditions. The project had recently achieved First Water Injection on 12th February 2022 and subsequently proceeded to deliver First Oil on 30th April 2022 as scheduled.

Highlights

AVERAGE UPTIME1

94%

AVERAGE NET DAILY PRODUCTION RATE1

2,571

bbl/day
AVERAGE NET DAILY GAS PRODUCTION RATE1

6,647

bbl/day
AVERAGE UNIT PRODUCTION COST1

9.9

USD/bbl
LTIF1,4

0

2P OIL RESERVES2

6.7

MMstb
2P GAS RESERVES2

68.5

Bscf
IMPORTANT SOURCE OF GAS FOR

Malaysia and Vietnam

NOTES:
1For the period from 1 February 2022 to 30 June 2022.
2 As at 1 July 2022, based on FIPC Group’s current estimated net entitlement, based on RPS Energy Consultants Limited’s report dated August 2022.
3 LTIF represents the number of lost time injuries (LTI) i.e. fatality, permanent disability or time lost from work occurring in a workplace per 1 million hours worked by 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 Frequency.
  • USD – United States Dollar.
  • FIPC – Fortuna International Petroleum Corporation.
  • FSO – Floating Storage and Offloading.