Hibiscus to focus on cost management and Anasuria cluster in 2017

KUALA LUMPUR: Hibiscus Petroleum Bhd will focus on cost management and enhancing production in the Anasuria Cluster next year.

Managing director Dr Kenneth Gerard Pereira said the main thrust of its business focus for 2017 is cost management and looking at value solutions to enhance production.

"The thrust of the business plan looks at opportunities that are already in hand and focuses on enhancing production from the opportunities that we have. It is subject to oil prices being a little bit stable for a certain period of time and also subject to us obtaining the necessary financing.

"The company is debt free so I think very critical will be for us to put together some financing to support the activities that we would like to undertake, primarily in 2017. We hope that Anasuria will receive some capital allocation and that will help us enhance production in Anasuria," he told reporters after its AGM today.

He said the operating expenditure at Anasuria is about US$20 per barrel, which is a comfortable range if oil price is at US$55 per barrel.

"There is also the transaction we have undertaken with Shell recently relating to Sabah. That is in the hands of Petronas, they are taking the necessary steps through an approval process. Once approval is through there will be a transition to certain activities," he said.