Hibiscus Petroleum Bhd., Kuala Lumpur, reports progression on three development projects under the 2011 North Sabah Enhanced Oil Recovery Production-Sharing Contract (North Sabah PSC) offshore Malaysia.
Details were provided as part of a corporate and business update issued in conjunction with the company’s quarterly report for the period ended Sept. 30.
During the year, the company completed its first development project which involved the drilling of three infill wells in St. Joseph field (OGJ Online, July 25, 2019). The company is at the “tail-end” of its second development project which involves the drilling of three infill wells in SF30 field. Meantime, drilling activities have commenced on the company’s third development project which involves the drilling of a water injection well in SF30 field as part of a wider waterflood development strategy.
The net oil production rate from the North Sabah PSC is, as of Oct., some 6,200 b/d. In March 2018, prior to the company assuming operatorship in April, the net oil production rate was 5,700 b/d (OGJ Online, Apr. 2, 2019).
Hibiscus operates the PSC with a 50% interest, Petronas Carigali Sdn. Bhd. holds the other 50%.
