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.

The acquisition of this asset is part of our strategy to grow shareholder value by focusing on unlocking potential from mature, late-life oil and gas fields.

After the success of our production enhancement projects of FY2020, we continue to work towards 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 Sdn Bhd

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.

  • Labuan Crude Oil Terminal (LCOT)

    Labuan Crude Oil Terminal (LCOT)

  • St Joseph

    St Joseph

  • South Furious

    South Furious

  • Barton

  • SF30

North Sabah PSC

Highlights

AVERAGE UPTIME1

92%

AVERAGE NET DAILY PRODUCTION RATE1

6,222

bbl/day
AVERAGE UNIT PRODUCTION COST1

12.6

USD/bbl
LTIF1,5

0.30

2P OIL RESERVES2

23.1

MMstb
2C OIL RESOURCES2

14.6

MMstb
PERSONNEL WORKING ON NORTH SABAH OPERATIONS3

336

PARTNERSHIP WITH

PETRONAS Carigali Sdn Bhd

Notes:

1. For the financial year ended 30 June 2020.

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 2020.

4. The MSOSH OSH Award is an annual award presented to organisations in Malaysia with proven outstanding Occupational Safety and Health performance. Identified companies are subjected to stringent document and site verification audits by the MSOSH panel of qualified and dedicated auditors which comprise, amongst others, representatives from the Department of Occupational Safety & Health (DOSH) and National Institute of Occupational Safety & Health (NIOSH) prior to being considered by the MSOSH Technical Committee for the respective awards.

5. 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 – Barrel.
• 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.