Hibiscus Petroleum Berhad (Hibiscus Petroleum) is Malaysia’s first listed independent oil and gas exploration and production company. Our key activities are focused on monetising producing oilfields and growing our portfolio of development and producing assets in areas of our geographical focus: the United Kingdom, Malaysia, Australia, and Vietnam.
As an operator of offshore oil and gas producing fields, our efforts are focused on safely enhancing value from the assets in which we have economic interests.
Our growth strategy in the current oil and gas market is to leverage on opportunities that are present within our portfolio of existing assets and only make quality acquisitions on a selective basis, thus delivering sustainable returns to our shareholders.
We are committed towards upholding high standards of safety and environmental management. We also prioritise corporate governance and transparency, whilst expanding our business on strong technical and commercial foundations.
Hibiscus Petroleum is headquartered in Kuala Lumpur, and our securities are listed on the Main Market of Bursa Malaysia Securities Berhad. Hibiscus Petroleum is a constituent on the FTSE4Good Bursa Malaysia Index and the FTSE4Good Bursa Malaysia Shariah Index. Hibiscus Petroleum securities have been classified as being Shariah-compliant by the Shariah Advisory Council of the Securities Commission of Malaysia.
The 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (North Sabah PSC) is our first Malaysian oil and gas asset. SEA Hibiscus Sdn Bhd has been the operator of the North Sabah PSC since 31 March 2018.
We have successfully implemented production enhancement projects, leading to an increase in gross oil production sales. We plan to execute further prospects in the future to avert natural decline and increase oil production.
In January 2022, we completed the acquisition of interests in three Malaysian PSCs from Repsol, including the 2012 Kinabalu Oil PSC.
Crude oil from North Sabah PSC and Kinabalu Oil PSC flow into the Labuan Crude Oil Terminal, which is also operated by SEA Hibiscus.
The United Kingdom Continental Shelf (UKCS) is home to Hibiscus Petroleum’s first producing asset – the Anasuria Cluster, a group of producing oil and gas fields and associated infrastructure. We jointly operate this asset via our jointly-controlled entity, Anasuria Operating Company Limited.
Expanding our footprint in the North Sea, we acquired the discovered oilfields of Marigold West and Sunflower in 2018 and expect this development asset, together with the Teal West development, to deliver a step change to our production volumes in the near future. In the 32nd UKCS Licensing Round, we were also awarded the Kildrummy Licence which we hope will eventually become part of the Marigold West/Sunflower development.
In the Bass Strait, we operate the VIC/RL17 retention licence.
We acquired Block 46 (Cai Nuoc) from Repsol in January 2022 as part of the same acquisition which included three Malaysia PSCs. It lies adjacent to PM3 CAA and oil produced from Block 46 flows into the PM3 CAA facilities.
The PM3 CAA PSC was acquired from Repsol in January 2022 and lies within the CAA between Malaysia and Vietnam. It is our largest source of gas production, with gas being sent to Malaysia and Vietnam through pipelines.