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.
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 BhdÂ
Asset Location:
Offshore eastern coast of Peninsular Malaysia
Water Depth:
73m
Field Life Cycle:
Production and decommissioningÂ
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:
1Â 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.