GLOBAL

Malaysia's Hibiscus Petroleum finds more oil offshore

First oil production is expected as soon as next month

Hibiscus Petroleum. Credit: Shutterstock/T. Schneider

Hibiscus Petroleum. Credit: Shutterstock/T. Schneider

Hibiscus Petroleum has discovered significant oil in the PM3 Commercial Arrangement Area Production Sharing Contract (PM3 CAA PSC) offshore Peninsular Malaysia. 

This marks Hibiscus' second consecutive exploration discovery within 12 months, following the discovery of Bunga Lavatera last year. 

After completing the drilling of the Bunga Aster-1 exploration well, the company announced that the well encountered about 17.5 metres of oil-bearing sandstone with up to 46 metres of potential oil column. Multiple oil samples were collected during the logging campaign.

According to Hibiscus, the first oil production is expected to commence next month. 

The oil and gas explorer said it will progress with a thorough evaluation and appraisal of the discovery to define its size further. 

The company also plans to explore other near-field prospects in the PM3 CAA PSC in the next three years under the stewardship of Malaysia Petroleum Management, Petroliam Nasional Berhad (PETRONAS).

Hibiscus is Malaysia's first listed independent oil and gas exploration company.

During October and December 2023, the company's average net quarterly production hit 22,191 barrels of oil equivalent per day (boepd) - the first time its quarterly production exceeded 22,000 boepd. 

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

Energy News Bulletin Future of Energy Report 2024

With the global energy market in constant development, this report captures the sentiment of key industry players on the future of energy in Australia – and how it has changed through 2024.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.