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.
North Sabah PSC
2011 North Sabah Enhanced Oil Recovery Production Sharing Contract
Hibiscus Petroleum’s Interest:
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 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.
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 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.