Malaysia

Malaysia at a Glance

On 31 March 2018, SEA Hibiscus Sdn Bhd (SEA Hibiscus) successfully assumed the role of operator of the 2011 North Sabah Enhanced Oil Recovery (North Sabah) Production Sharing Contract (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 (Anasuria).

Through execution of production enhancement projects since the 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 of three PSCs: Kinabalu Oil, PM305 and PM314. Together with the PM3 Commercial Arrangement Area (PM3 CAA) PSC and Block 46 Cai Nuoc PSC acquired in the same transaction, these assets brought about a step change to our oil and gas production volumes.

In July 2024, we were directly awarded interest in a PSC by Petroliam Nasional Berhad (PETRONAS), with 65% participating interest and operatorship in the PKNB Cluster (PKNB) PSC (PKNB PSC) containing four discovered gas fields. Further, we completed a farm-in agreement with PETRONAS Carigali Sdn Bhd (PETRONAS Carigali) for 30% participating interest in the PM327 PSC, one of the largest exploration blocks offshore Peninsular Malaysia. Both the PKNB and PM327 PSCs offer tie-back opportunities to the PM3 CAA facilities, presenting significant production growth potential and operational and cost efficiencies in the future.

North Sabah PSC

Asset Name:
North Sabah PSC

Licence:
2011 North Sabah Enhanced Oil Recovery PSC

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 dry trees, inter-field pipelines and a trunk line to Labuan Crude Oil Terminal (LCOT)

Acquisition Completion Date:
31 March 2018

Office Locations:
Kuala Lumpur, Kota Kinabalu, Labuan

Awards:

  1. PETRONAS Emerald Awards – Awarded in May 2025:
    • Gold Award – Talent Development Excellence
    • Bronze Award – Wells Excellence
  2. PETRONAS Focused Recognition Award – Awarded in December 2023 to SEA Hibiscus’ Chief Executive Officer and Chief Operating Officer respectively for effectively contributing to being an excellent partner to PETRONAS Carigali.
  3. PETRONAS Focused Recognition Award – Awarded in May 2024 for effectively closing audit gaps in the 2021 Tier-2 Integrated Operational Asset Integrity Assurance (IOAIA) audit, leading to continuous improvement in Asset Integrity and Reliability for North Sabah facilities.
  4. PETRONAS Focused Recognition Award – Awarded in November 2024 for successfully completing the Production Enhancement and Idle Well Reactivation for the South Furious campaign.
  5. PETRONAS Focused Recognition – received in March 2023 for:
    • LCOT demonstrating good collaboration with lifting parties to optimise market value of cargoes and secure reputation of Malaysia as a reliable crude exporter; and
    • excellent HSSE performance in calendar year 2022, with no major incidents and accidents.
  6. Received awards at PETRONAS’s Offshore Self-Regulation (OSR) Conference in December 2024 for:
    • Overall OSR Excellence;
    • Zero Overdue Compliance; and
    • Assurance Excellence.
North Sabah PSC
  • Labuan Crude Oil Terminal (LCOT)

    Labuan Crude Oil Terminal (LCOT)

  • St Joseph

    St Joseph

  • South Furious

    South Furious

  • Barton

  • SF30

Kinabalu Oil PSC

Asset Name:
Kinabalu Oil PSC

Licence:
2012 Kinabalu Oil PSC

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 Completion Date:
24 January 2022

Office Locations:
Kuala Lumpur, Kota Kinabalu

Awards:

  1. PETRONAS Emerald Awards – Awarded in May 2025:
    • Gold Award – Talent Development Excellence
    • Bronze Award – Wells Excellence
  2. PETRONAS Focused Recognition Award – Awarded in March 2024 for outstanding performance in the Kinabalu Redevelopment Phase 3, including the pioneering use of Autonomous Inflow Control Valves (AICV) in Malaysia.
  3. Malaysia Petroleum Management (MPM) Wells Appreciation Townhall – Received awards in March 2024 for achieving the lowest drilling cost per foot for a development well in Malaysia; delivering the country’s longest well; and for Malaysia’s first autonomous inflow control valve (AICV) installation.
  4. PETRONAS Focused Recognition Award – Awarded in November 2024 for successfully completing the Production Enhancement and Idle Well Reactivation for the South Furious campaign.
  5. PETRONAS Malaysia Upstream Awards 2024: Awarded Wells Excellence – GOLD award and for Project Delivery Excellence – GOLD award.
  6. PETRONAS Focused Recognition Award – Awarded in May 2024 for the successful completion of the Logistics Sharing Agreement between PETRONAS Carigali and Hibiscus Oil & Gas Malaysia Limited.

PKNB CLUSTER PSC

Asset Name:
PKNB Cluster  PSC

Licence:
PKNB Cluster PSC

Hibiscus Petroleum’s Interest:
65%

Operator:
Hibiscus Oil & Gas Malaysia Limited

Joint Venture Partner:
Petronas Carigali Sdn Bhd

Asset Location:
Offshore Peninsular Malaysia

Water Depth:
65 – 75m

Field Life Cycle:
Development

Discovered Fields:
Pertang, Kenarong, Noring, Bedong

Development Type:
Future tie-backs to PM3 CAA facilities 

Effective Date:
1 July 2024

Office Location:
Kuala Lumpur

 

PM327 PSC

Asset Name:
PM327 PSC

Licence:
PM327 PSC

Hibiscus Petroleum’s Interest:
30%

Operator:
Petronas Carigali Sdn Bhd

Asset Location:
Offshore Peninsular Malaysia

Water Depth:
20 – 75m

Field Life Cycle:
Exploration

Development Type:
Potential future tie-backs to PM3 CAA facilities

Farm-In Date:
5 July 2024

Office Location:
Kuala Lumpur, Kemaman

Highlights

NORTH SABAH AVERAGE UPTIME1

92%

KINABALU AVERAGE UPTIME1

81%

NORTH SABAH AVERAGE NET DAILY PRODUCTION RATE1

4,725

bbl/day
KINABALU AVERAGE NET DAILY PRODUCTION RATE1

2,802

bbl/day
NORTH SABAH AVERAGE UNIT PRODUCTION COST1

20.66

USD/bbl
KINABALU AVERAGE UNIT PRODUCTION COST1

16.07

USD/bbl
NORTH SABAH LTIR1,3

0

KINABALU LTIR1,3

0

NORTH SABAH OIL 2P RESERVES2

14.5

MMstb
KINABALU 2P OIL RESERVES2

5.9

MMstb
NORTH SABAH 2C OIL RESOURCES2

2.4

MMstb
KINABALU 2C OIL RESOURCES2

0.8

MMstb
PKNB 2C OIL RESOURCES2

0.7

MMstb
PKNB 2C GAS RESOURCES2

232.8

Bscf

Notes:

1 For the financial year ended 30 June 2025.

2 As at 1 July 2025, based on internal estimates.

3 LTIR represents the frequency of lost time injuries (LTI) which include fatalities, permanent disabilities or workhours lost due to workplace incidents per 200,000 hours worked by both employees and contractors.

4 The PKNB PSC is currently not a producing asset.

5 The PM327 PSC is not included in the table above due to the asset being only at the exploration stage.

 

Key:

  • 2P Oil Reserves – Proven and probable oil reserves.
  • 2C Oil Resources – Best estimate contingent oil resources.
  • 2C Gas Resources – Best estimate contingent gas resources.
  • bbl – Barrels.
  • MMstb – Million stock tank barrels.
  • Bscf – Billion standard cubic feet.
  • LTIR – Lost Time Injury Rate.
  • USD – United States Dollar.
  • N/A – Not Applicable.