Malaysia’s Hibiscus Petroleum has seen a 20% increase in oil production from the North Sabah PSC located offshore Sabah, Malaysia.
Labuan Crude Oil Terminal; Source: Hibiscus
In a Bursa Malaysia filing on Tuesday, Hibiscus reported that average gross oil production from its North Sabah asset improved by approximately 20% compared to the previous financial quarter contributed by new oil production from St Joseph Infill Drilling and South Furious 30 Infill Drilling projects.
This additional oil production was delivered through infill drilling projects carried out as part of an aggressive production enhancement program executed in calendar year 2019. This program involved drilling a total of nine wells in Malaysia and the United Kingdom.
Two crude oil offtakes were conducted in the North Sabah asset in the current quarter with a total of 671,452 bbls of oil net to Hibiscus sold at an average oil price of $70.19 per bbl.
With the current and future enhancement projects across both North Sabah and Anasuria assets, together with potential production from existing developments or new acquisitions, the company aims to achieve its 2021 Mission of 20,000 barrels (bbls) of oil production per day.
Hibiscus Managing Director, Dr Kenneth Pereira , said: “Further plans are being finalized to drill additional wells in North Sabah as part of our CY2020 production enhancement projects. We also continue to position ourselves for high-quality acquisitions in our areas of geographic focus and look forward to the potential growth they may bring.”
Hibiscus is the operator of the project with a 50% interest and Petronas is its partner with the other 50% interest.
The North Sabah EOR PSC consists of St Joseph, South Furious, SF 30, and Barton producing fields and all associated equipment and assets related to the PSC including the Labuan Crude Oil Terminal.
North Sabah EOR PSC map; Source: Hibiscus
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