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: Malaysia, Vietnam, the United Kingdom and Australia.
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 opportunities that are present within our portfolio of existing assets and 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 as well as 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 Malaysia.
In January 2022, we achieved a significant milestone by finalising the acquisition of interests in three Malaysian Production Sharing Contracts (PSCs) from Repsol Exploración, S.A. (Repsol). This move marked a substantial expansion of our presence and operations within the Malaysian oil and gas sector.
Our journey in Malaysia commenced with the 2011 North Sabah Enhanced Oil Recovery Production Sharing Contract (North Sabah PSC). SEA Hibiscus Sdn Bhd (SEA Hibiscus) took on the role of operator for the North Sabah PSC on 31 March 2018. During our tenure as operator, we have effectively overseen the implementation of a range of production enhancement initiatives, leading to a significant increase in gross oil production.
Looking ahead, our vision includes the diligent execution of additional projects. These endeavours are designed to counteract natural decline and sustain the trajectory of our oil production. Of particular significance is that both the Kinabalu PSC and the North Sabah PSC contribute their crude oil to the Labuan Crude Oil Terminal, a facility managed and operated by SEA Hibiscus. This seamless synergy across our assets further solidifies our prominent position in the Malaysian oil and gas landscape.
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 and Fyne developments, 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 areawide development.
In the Bass Strait, we operate the VIC/RL17 petroleum retention lease (previously known as the VIC/L31 production licence). We also have indirect interests in five other licences through our interest in 3D Oil Limited.
We completed the acquisition of the Block 46 Cai Nuoc PSC (Block 46) from Repsol in January 2022 as part of the same acquisition which included three Malaysian PSCs and the PM3 CAA PSC. It lies adjacent to the PM3 CAA PSC and oil produced from Block 46 is processed at the PM3 CAA facilities.
Acquisition of the PM3 Commercial Arrangement Area (CAA) PSC from Repsol was completed in January 2022 and lies within the CAA established between Malaysia and Vietnam. It is our largest source of gas production, with gas being piped to Malaysia and Vietnam. Production enhancement projects, including the longest well drilled in Malaysia, have been successful in improving production.