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.

On 24 January 2022 we completed the acquisition and transfer of operatorship in three PSCs: Kinabalu Oil, PM305 and PM314. Together with the PM3 CAA acquired in the same transaction, these assets have brought about a step change to our production.

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

Kinabalu Oil PSC

Asset Name:
Kinabalu Oil PSC

Licence:
2012 Kinabalu Oil Production Sharing Contract

Hibiscus Petroleum’s Interest:
60%

Operator:
Hibiscus Oil & Gas Malaysia Limited

Non-operating Partner:
Petronas Carigali Sdn Bhd

Asset Location:
Offshore Sabah

Water Depth:
56m

Field Life Cycle:
Production

Producing Fields:
Kinabalu Main, Kinabalu East, Kinabalu Far East

Development Type:
Fixed platforms with oil pipeline to LCOT and gas pipeline to Samarang Platform

Acquisition Date:
25 January 2022

Office Locations:
Kuala Lumpur, Kota Kinabalu

 

PM305

Asset Name:
PM305 PSC

Licence:
PM305 Production Sharing Contract

Hibiscus Petroleum’s Interest:
60%

Operator:
Hibiscus Oil & Gas Malaysia Limited

Non-operating Partner:
Petronas Carigali Sdn Bhd 

Asset Location:
Offshore eastern coast of Peninsular Malaysia

Water Depth:
73m

Field Life Cycle:
Production and decommissioning 

Producing Fields:
Murai/Angsi Southern Channel Unit

Development Type:
Production via non-operated facilities and infrastructure

Acquisition Date:
25 January 2022

Office Locations:
Kuala Lumpur, Kota Bharu, Kemaman

 

PM314

Asset Name:
PM314 PSC

Licence:
PM314 Production Sharing Contract

Hibiscus Petroleum’s Interest:
60%

Operator:
Hibiscus Oil & Gas Malaysia Limited

Non-operating Partner:
Petronas Carigali Sdn Bhd

Asset Location:
Offshore eastern coast of Peninsular Malaysia

Water Depth:
73m

Field Life Cycle:
Decommissioning

Producing Fields:
None

Development Type:
Production via non-operated facilities and infrastructure

Acquisition Date:
25 January 2022

Office Locations:
Kuala Lumpur, Kota Bharu, Kemaman

Highlights (for North Sabah PSC)

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