KUALA LUMPUR: HIBISCUS Petroleum Bhd is aiming for oil output of up to 5,000 barrels per day (bpd) from Anasuria Cluster — the company’s oil and gas operations in the United Kingdom Continental Shelf.
“We aim to increase production at the Anasuria asset by up to 56 per cent to 5,000 bpd by the financial year ending June 2019 from 3,204 bpd as in June this year,” its managing director Dr Kenneth Gerard Pereira said in a statement yesterday.
“We hope to maintain at least 85 per cent average facility uptime at Anasuria Cluster. This would help the company maintain cost of production at US$15.4 per barrel at least through this financial year ending June 2018.
“The current oil price is a sweet spot for us,” he said, adding that the company was comfortable under this operating environment.
Hibiscus Petroleum estimates global Brent crude to stay between US$58 and US$68 per barrel.
Meanwhile, there was a 31-day scheduled maintenance shutdown for the Anasuria floating platform storage and offloading (Anasuria FPSO) facility from mid-September to mid-October, which was completed according to schedule.
This is expected to improve the FPSO’s average unplanned facilities uptime by up to 90 per cent post-shutdown.
Pereira stressed that all these enhancements had resulted in an improved safety and health environment.
In the last two years, Hibiscus Petroleum’s share price has doubled to 73 sen despite two rounds of share private placements.
To date, the company’s market capitalisation has increased to RM1.13 billion from RM435 million in November last year.