Malaysia at a Glance
On 31 March 2018, SEA Hibiscus Sdn Bhd (SEA Hibiscus) successfully assumed the role of operator of the 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. It has enabled us to strengthen our technical and operating capabilities, profitability and balance sheet.
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 (Kinabalu), PM305 and PM314. Together with the PM3 Commercial Arrangement Area (CAA) PSC and Block 46 Cai Nuoc PSC acquired in the same transaction, these assets have brought about a step change to our oil and gas production volumes.
In July 2024, we were directly awarded our first PSC by Petroliam Nasional Berhad (PETRONAS), with 65% participating interest and operatorship in the PKNB Cluster 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 Cluster 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 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 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:
Safety
(i) PETRONAS Focused Recognition Award – Awarded in December 2023 to SEA Hibiscus’ Chief Executive Officer (CEO) and Chief Operating Officer (COO) respectively for effectively contributing to being an excellent partner to PETRONAS Carigali.
(ii) 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.
Other Awards
(i) MSOSH 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.
(ii) PETRONAS Malaysia Upstream Awards 2020: Awarded Best Emerging Petroleum Arrangement Contractor, Wells Excellence – GOLD award and for Drilling Excellence – BRONZE award.
(iii) PETRONAS Malaysia Upstream Awards 2022: Most Improved Operator Award – Awarded to SEA Hibiscus for showcasing sustained and continuous improvement in overall performance for three consecutive years.
(iv) 5-star Rating Award given to LCOT by the Office of the Chief Government Security Officer Malaysia, commending the high commitment and priority towards safety and security in protecting national interests and for being one of 15 national assets receiving a 5-star award.
(v) 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.
Kinabalu Oil PSC
Asset Name:
Kinabalu Oil PSC
Licence:
2012 Kinabalu Oil Production Sharing Contract
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:
(i) 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
(ii)MPM Wells Appreciation Town hall – Receiving Awards in March 2024 for achieving the lowest drilling cost per foot for a development well in Malysia; delivering the country’s longest well; and for Malaysia’s first AICV installation.
(iii) PETRONAS Malaysia Upstream Awards 2024; Awarded Wells Excellence – GOLD award.
(iv) PETRONAS Focused Recognition Award – Awarded in May 2024 for the successful completion of the Logistics Sharing Agreement between PETRONAS Carigali and Hibiscus Malaysia.
Other Awards
PETRONAS Focused Recognition Award – Awarded in March 2023 for excellent HSSE performance for the Kinabalu PSC in calendar year 2022.
PKNB CLUSTER PSC
Asset Name:
PKNB Cluster PSC
Licence:
PKNB Cluster Production Sharing Contract
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 facilitiesÂ
Effective Date:
1 July 2024
Office Location:
Kuala Lumpur
PM327 PSC
Asset Name:
PM327 PSC
Licence:
PM327 Production Sharing Contract
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
Highlights
NORTH SABAH AVERAGE UPTIME1
90%
KINABALU AVERAGE UPTIME1
83%
NORTH SABAH AVERAGE NET DAILY PRODUCTION RATE1
4,828
bbl/day
KINABALU AVERAGE NET DAILY PRODUCTION RATE1
3,286
bbl/day
NORTH SABAH AVERAGE UNIT PRODUCTION COST1
21.6
USD/bbl
KINABALU AVERAGE UNIT PRODUCTION COST1
17.5
USD/bbl
NORTH SABAH1,3
0.05
KINABALU LTIF1,3
0
NORTH SABAH OIL 2P RESERVES2
18.4
MMstb
KINABALU 2P OIL RESERVES2
6.4
MMstb
NORTH SABAH 2C OIL RESOURCES2
8.9
MMstb
LONG-TERM PARTNERSHIP WITH
PETRONAS Carigali Sdn Bhd
NOTES:
1Â For the financial year ended 30 June 2024.
2 As at 1 July 2024. Reserves and resources for North Sabah are based on SEA Hibiscus’ current estimated net entitlement, as per RPS Energy’s report dated August 2023, adjusted for actual production during the 12 months ended 30 June 2024. Reserves for Kinabalu Oil are based on FIPC Group’s current estimated net entitlement, based on RPS Energy’s report dated August 2022, adjusted for actual production during the 12 months ended 30 June 2024.
3 LTIR represents the frequency of lost time injuries (LTI), which includes fatalities, permanent disabilities or workhours lost due to workplace incidents, per 200,000 hours worked by both employees and contractors.
4 Minimal reportable data for PM314 and PM305 PSCs as PM314 is no longer operating and the Groups’ participating interest in PM305 ceased in March 2024.
KEY:
- 2P Oil Reserves – Proven and probable oil reserves.
- 2C Oil Resources – Best estimate contingent oil resources.
- bbl – Barrels.
- MMstb – Million stock tank barrels.
- LTIR – Lost Time Injury Frequency.
- USD – United States Dollar.
- MSOSH – Malaysian Society for Occupational Safety and Health.
- OSH – Occupational Safety and Health.
- FIPC – Fortuna International Petroleum Corporation.
- RPS Energy – RPS Energy Consultants Limited.