Malaysia

Malaysia at a Glance

On 31 March 2018, SEA Hibiscus Sdn Bhd (SEA Hibiscus) successfully assumed the role of operator of the North Sabah PSC from Shell. As operator, SEA Hibiscus is responsible for the day-to-day operations, maintenance and conduct of production enhancement activities carried out on the asset.

The North Sabah PSC is our second producing asset, providing us with a further revenue stream after the Anasuria Cluster. It has enabled us to strengthen our technical and operating capabilities, profitability and balance sheet.

Through execution of production enhancement projects since acquisition, we have been realising the considerable potential within the fields of the North Sabah PSC.

North Sabah PSC

Asset Name:
North Sabah PSC

Licence:
2011 North Sabah Enhanced Oil Recovery Production Sharing Contract

Hibiscus Petroleum’s Interest:
50%

Operator:
SEA Hibiscus

Non-operating Partner:
Petronas Carigali Sdn Bhd

Asset Location:
33km from Kota Kinabalu, Malaysia

Water Depth:
18 – 60m

Field Life Cycle:
Production

Producing Fields:
St Joseph, South Furious,
SF30, Barton

Development Type:
Fixed platforms with pipelines to Labuan Crude Oil Terminal

Acquisition Date:
31 March 2018

Office Locations:
Kuala Lumpur, Kota Kinabalu, Labuan

Awards:
Safety
Awarded the MSOSH4 OSH Gold Class 1 Award Winner for 2018 and 2017 under the category of Petroleum, Gas, Petrochemical & Allied Sectors for the St Joseph Platform by the Malaysian Society for Occupational Safety and Health.

Production
Received three awards at Petronas’ inaugural Malaysia Upstream Awards 2020:
i. Best Emerging Petroleum Arrangement Contractor.
ii. Wells Excellence Category – GOLD Award.
iii. Drilling Excellence Category – BRONZE Award.

North Sabah PSC

Highlights

AVERAGE UPTIME1

92%

AVERAGE NET DAILY PRODUCTION RATE1

6,442

bbl/day
AVERAGE UNIT PRODUCTION COST1

14.2

USD/bbl
LTIF1,4

0.00

2P OIL RESERVES2

23.1

MMstb
2C OIL RESOURCES2

14.6

MMstb
PERSONNEL WORKING ON NORTH SABAH OPERATIONS3

350

STABLE AND CREDIBLE PARTNERSHIP WITH

PETRONAS Carigali Sdn Bhd

NOTES:

¹ For the financial year ended 30 June 2021.
² As at 1 July 2021, based on SEA Hibiscus’ current estimated net entitlement, based on RPS Energy Consultants Limited’s report dated August 2021.
³ As at 30 September 2021.
⁴ 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 Reserves – Proven and probable oil reserves
  • 2C Oil Resources – Best estimate contingent oil resources
  • bbl – Barrels
  • MMstb – Million stock tank barrels
  • LTIF – Lost Time Injury Frequency
  • USD – United States Dollar
  • MSOSH – Malaysian Society for Occupational Safety and Health.
  • OSH – Occupational Safety and Health