KUALA LUMPUR: Hibiscus Petroleum Bhd (Hibiscus) is on track to produce 12,000 barrels of oil per day collectively from its North Sabah and Anasuria Cluster in the United Kingdom, by 2021.
Managing director Dr Kenneth Pereira said Hibiscus is currently producing some 9,000 barrels of oil per day (bpd).
“Our North Sabah asset is producing between 4,500 to 5,000 bpd and we are commencing drilling in another well at Anasuria this May, which will also help with its daily production.
“All wells have risk associated to it but the idea is to take Anasuria to 5,000 barrels bpd by FY2020,” he said on the sidelines of Invest Malaysia 2019 here today.
Asked if he was looking at hitting this target organically or through acquisitions, Pereira said he was open to both, especially through its Australian presence, West Seahorse field.
“For Australia, we have high equity interest in both our licesses. In VIC / P57 exploration license we have about 78 per cent and in VIC / L31 we have 100 percent interest,” he said, while explaining that VIC / L31 is the development license which holds the West Seahorse field.
“So if anyone wishes to partner with us, within the next two or three years to develop our Australia assets, we would certainly consider.”
During the first half ended 31 December 2018, Hibiscus sold about 1.7 million barrels of crude oil.
It is targeting to deliver up to three million of barrels for the full financial year ending June 30 2019.