Malaysia's Hibiscus Petroleum completed the St Joseph minor sands infill and major sands redevelopment infill drilling campaign in its North Sabah PSC, Malaysia.
The offshore drilling campaign involved the drilling and completion of four infill oil producers on the St Joseph Jacket-F (“SJJT-F”) platform.
Through the infill drilling development campaign, Hibiscus says it has added an instantaneous incremental 2,200 barrels per day of crude oil production and added approximately 4 million stock tank barrels of incremental life of field gross reserves.
"With the addition of these new infill wells, daily gross production capacity in the North Sabah PSC has now exceeded 20,000 barrels per day in September 2020, a significant rise above production levels of circa 14,000 barrels per day when SEA Hibiscus [a Hibiscus Petroleum subsidiary] first assumed operatorship of the North Sabah PSC in 2018," Hibiscus said.
SEA Hibiscus’ Chief Executive Officer, Dr. Pascal Hos said, “We are extremely happy with the performance during the St Joseph Infill campaign this year. This clearly demonstrates Hibiscus’ strength and capability to add value in the assets in which we operate. This was an extremely fast track project which was executed safely and successfully while having to navigate through personnel and logistics constraints during the various Movement Controls Order (“MCO”) periods this year.
"The North Sabah PSC is a mature asset, with St Joseph operating since 1979 and yet we are pleased to be able to continue to find, execute and realize value accreting opportunities. Hibiscus is hungry to grow, and we are actively searching for opportunities to replicate the successes we have achieved in North Sabah."
SEA Hibiscus assumed operatorship of the North Sabah PSC on 31 March 2018, as a 50% joint venture working interest partner with PETRONAS Carigali Sdn Bhd. The North Sabah PSC consists of St Joseph South Furious, SF30 and Barton, 4 fields located offshore Sabah in Malaysia, which collectively produce to the Labuan Crude Oil Terminal.
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