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
2011 North Sabah Enhanced Oil Recovery Production Sharing Contract
Hibiscus Petroleum’s Interest:
SEA Hibiscus Sdn Bhd
Petronas Carigali Sdn Bhd
33km from Kota Kinabalu, Malaysia
18 – 60m
Field Life Cycle:
St Joseph, South Furious,
Fixed platforms with pipelines to Labuan Crude Oil Terminal
31 March 2018
Kuala Lumpur, Kota Kinabalu, Labuan
Awarded the MSOSH5 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.
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.
1. For the financial year ended 30 June 2020.
2. As at 1 July 2020, based on SEA Hibiscus’ net entitlement, based on RISC Advisory Pty Ltd’s report dated January 2019 adjusted for actual production and internally estimated incremental reserves from executed projects in 2019 and for the 6 months ended 30 June 2020.
3. As at 1 July 2020, based on SEA Hibiscus’ net entitlement, based on RISC Advisory Pty Ltd’s report dated January 2019 less 2C contingent resources for executed projects in 2019 and for the 6 months ended 30 June 2020.
4. As at 30 September 2020.
5. 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.
6. 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.
• 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.