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.
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.
Asset Name:
Kinabalu Oil PSC
Licence:
2012 Kinabalu Oil Production Sharing Contract
Hibiscus Petroleum’s Interest:
60%
Operator:
Repsol 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
Asset Name:
PM305 PSC
Licence:
PM305 Production Sharing Contract
Hibiscus Petroleum’s Interest:
60%
Operator:
Repsol 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
Asset Name:
PM314 PSC
Licence:
PM314 Production Sharing Contract
Hibiscus Petroleum’s Interest:
60%
Operator:
Repsol 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
*Operator name to be changed
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.
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