Hibiscus Petroleum to spend US$50 million on newly acquired Sabah PSC

KUALA LUMPUR: Hibiscus Petroleum Bhd will be allocating up to US$50 million on the newly acquired North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC).
Hibiscus today announced the completion of its acquisition of a 50% stake in the PSC from Shell Sabah Selatan Sdn Bhd. The remaining interest is held by Petronas.
In addition, it also completed the joint operating agreement in relation the PSC.
Hibiscus managing director Dr. Kenneth Pereira told reporters at a media briefing that the US$50 million capex for the North Sabah PSC is subject to its implementation and a review by Petronas.
Meanwhile, he said the UK Anasuria cluster is expected to take up about US$55 million over the next two years.
Looking ahead, Hibiscus is targeting to hit a net crude oil production of 20,000 barrels per day (bpd) by 2021 from the current 9,000 bpd.