Hibiscus Petroleum Bhd. has declared a discovery within the offshore Malaysia-Vietnam settlement space, anticipating to place the effectively into manufacturing this month.
Hitting as much as 46 meters (150,919 toes) of potential oil column, Bunga Aster-1 is the second “vital discovery” inside a 12 months within the PM3 Industrial Association Space Manufacturing Sharing Contract (PM3 CAA PSC), following the Bunga Lavatera discovery in 2023, the Kuala Lumpur-based firm mentioned in a press launch.
The rig encountered 17.5 meters (574,147 toes) of oil-bearing sandstone. “Preliminary assessments point out good reservoir traits”, Hibiscus Petroleum mentioned.
“The choice to drill the effectively from the present Bunga Orkid-D platform has efficiently enabled fast monetization of this discovery”, the unbiased exploration and manufacturing firm mentioned. “First oil manufacturing is anticipated to begin in Could 2024”.
Bunga Orkid is one in every of seven already producing fields within the Malaysia-Vietnam PSC. The others are Bunga Kekwa, Bunga Lavatera, Bunga Pakma, Bunga Raya, Bunga Seroja and Bunga Tulip, in accordance with Hibiscus Petroleum.
“The Firm has plans to proceed exploring different near-field prospects within the PM3 CAA PSC within the subsequent three years, working along with varied stakeholders, underneath the stewardship of Malaysia Petroleum Administration, Petroliam Nasional Berhad (PETRONAS)”, the announcement mentioned.
Hibiscus Petroleum is the operator of the license with a 35 p.c stake by means of Hibiscus Oil & Fuel Malaysia Ltd. The companions are Petronas Carigali Sdn. Bhd., a subsidiary of Malaysia’s state-owned Petronas, and Vietnam’s state-owned PetroVietnam Exploration Manufacturing Corp. Ltd.
Hibiscus Petroleum, which additionally has belongings in Australia and the UK, entered the Malaysia-Vietnam lease space some three years in the past with the $123.7-million acquisition of Fortuna Worldwide Petroleum Corp. In addition to the 35 p.c stake within the PM3 CAA, the acquisition additionally gave Hibiscus Petroleum 60 p.c stakes in Malaysian licenses PM305, PM314 and Kinabalu Oil PSC, in addition to a 70 p.c stake in Vietnam’s Block 46. “Our common every day oil and fuel manufacturing is projected to extend virtually threefold”, Hibiscus Petroleum mentioned January 25, 2022, saying the completion of the acquisition.
The PM3 CAA, the place Southeast Asian neighbors Malaysia and Vietnam have overlapping claims, has been prolonged for 10 years to 2027, as introduced by Petronas Could 9, 2016.
Hibiscus Petroleum had a internet common every day oil and condensate manufacturing of three,068 barrels per day (bpd) within the space within the monetary 12 months ended June 2023. The PSC holds confirmed and possible (2P) oil reserves of 5.7 million inventory tank barrels and 2P fuel reserves of 64.8 billion cubic toes.
Within the quarter ended December 2023 (second quarter of the monetary 12 months 2024), the corporate’s internet manufacturing within the space exceeded 22,000 barrels of oil equal (boe) per day, in accordance with Hibiscus Petroleum’s quarterly monetary report February 20, 2024.
It offered 1.2 million barrels of oil and condensate and 700,000 MMboe of fuel in the course of the three-month interval.
“The Group estimates to promote a complete of seven.7 MMboe for FY2024, which is according to the steering of roughly 7.5 to 7.8 MMboe offered earlier”, Hibiscus Petroleum mentioned on the time. Its gross sales volumes within the prior monetary 12 months totaled 7.1 MMboe.
To contact the writer, e-mail jov.onsat@rigzone.com