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 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.

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 LCOT

Acquisition Completion Date:
31 March 2018

Office Locations:
Kuala Lumpur, Kota Kinabalu, Labuan

Awards:
Safety
(i) 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.

(ii) PETRONAS Focused Recognition Award – Awarded in March 2023 for excellent HSSE performance in calendar year 2022, with no major incidents and accidents.

Other Awards
(i) PETRONAS Malaysia Upstream Awards 2020: Awarded Best Emerging Petroleum Arrangement Contractor, Wells Excellence – GOLD award and for Drilling Excellence – BRONZE award.

(ii) 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.

(iii) 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.

(iv) 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.

North Sabah PSC

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:
Safety
PETRONAS Focused Recognition Award – Awarded in March 2023 for excellent HSSE performance for the PM305 PSC in calendar year 2022.

 

PM305

Asset Name:
PM305 PSC

Licence:
PM305 Production Sharing Contract

Hibiscus Petroleum’s Interest:
60%

Operator:
Hibiscus Oil & Gas Malaysia Limited

Non-operating Partner:
Petronas Carigali Sdn Bhd 

Asset Location:
Offshore eastern coast of Peninsular Malaysia

Water Depth:
73m

Field Life Cycle:
Production and decommissioning 

Producing Fields:
Murai/Angsi Southern Channel Unit

Development Type:
Production via non-operated facilities and infrastructure

Acquisition Completion Date:
24 January 2022

Office Locations:
Kuala Lumpur, Kota Bharu, Kemaman

Awards:
Safety
PETRONAS Focused Recognition Award – Awarded in March 2023 for excellent HSSE performance for the PM305 PSC in calendar year 2022.

 

PM314

Asset Name:
PM314 PSC

Licence:
PM314 Production Sharing Contract

Hibiscus Petroleum’s Interest:
60%

Operator:
Hibiscus Oil & Gas Malaysia Limited

Non-operating Partner:
Petronas Carigali Sdn Bhd

Asset Location:
Offshore eastern coast of Peninsular Malaysia

Water Depth:
73m

Field Life Cycle:
Decommissioning

Producing Fields:
None

Development Type:
Previously producing via South Angsi A platform

Acquisition Completion Date:
24 January 2022

Office Locations:
Kuala Lumpur, Kota Bharu, Kemaman

Highlights

NORTH SABAH UPTIME1

94%%

KINABALU AVERAGE UPTIME1

76%

NORTH SABAH AVERAGE NET DAILY PRODUCTION RATE1

4,716

bbl/day
KINABALU AVERAGE NET DAILY PRODUCTION RATE1

2,542

bbl/day
NORTH SABAH AVERAGE UNIT PRODUCTION COST1

20.1

USD/bbl
KINABALU AVERAGE UNIT PRODUCTION COST1

17.4

USD/bbl
NORTH SABAH1,3

0

KINABALU LTIF1,3

0

NORTH SABAH OIL RESERVES2

19.7

MMstb
KINABALU 2P OIL RESERVES2

7.8

MMstb
NORTH SABAH 2C OIL RESOURCES2

9.0

MMstb
LONG-TERM PARTNERSHIP WITH

PETRONAS Carigali Sdn Bhd

NOTES:
For the financial year ended 30 June 2023.
2 As at 1 July 2023. Reserves for Kinabalu Oil are based on FIPC Group’s current estimated net entitlement, as per RPS Energy’s report dated August 2022 and adjusted for actual production during the 12 months ended 30 June 2023. Reserves and resources for North Sabah are based on SEA Hibiscus’ current estimated net entitlement, as per RPS Energy’s report dated August 2023.
3 LTIF represents the frequency of lost time injuries (LTI), which includes fatalities, permanent disabilities or work hours lost due to workplace incidents, per 1 million hours worked by both employees and contractors.
4 Minimal reportable data for PM314 and PM305 PSCs as PM314 is no longer operating and is undergoing the final steps of decommissioning, while there is negligible production from PM305.

KEY:

  • 2P Oil Reserves – Proven and probable oil reserves.
  • 2C Oil Resources – Best estimate contingent oil resources.
  • bbl – Barrels.
  • 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.
  • FIPC – Fortuna International Petroleum Corporation.