Hibiscus Petroleum to Double Production

Thursday, September 27, 2018

Malaysian oil and gas exploration and production company Hibiscus Petroleum is aiming to double its oil output in the United Kingdom and Malaysia to 20,000 barrels per day (bpd) by 2021, a senior company executive said on Thursday.

It needs an additional $50 million by 2020 to boost production from about 10,000 bpd now, Kenneth Pereira, managing director of the company, told reporters.

"That's our maximum negative cashflow for projects already identified and that's based on a $60 per barrel oil scenario," he said.

"So at $70 per barrel oil, it will be something like $40 million."

The company, which develops small oil and gas fields in Asia, has two major producing assets.

One is the Anasuria Cluster in the North Sea in the United Kingdom. The other is in Malaysia, the 2011 North Sabah production sharing contract (PSC), which includes the Labuan crude oil terminal.

It also owns a discovery in Australia that has not produced first oil yet, Pereira said.

Hibiscus has a 10-year marketing and offtake agreement with BP Oil International to sell crude from the North Sea, and a three-year agreement to sell crude from the Malaysian oil field to commodity trader Trafigura.


(Reporting by Jessica Jaganathan; Editing by Tom Hogue)

Categories: Asia Europe Finance Offshore Oil Offshore Energy Activity Energy

Related Stories

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

ADNOC Secures LNG Supply Deal with India's BPCL

Japan's Mitsui Eyes Alaska LNG Project

Current News

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com