Hibiscus Petroleum to Sell 3.7 Million Barrels of Crude Oil in FY21, 3Q21 Profits Rise 12.5% ​​to RM32 Million

by ASILA JALIL / photo by TMR FILE

HIBISCUS Petroleum Bhd aims to deliver three more offtakes during the last quarter of its fiscal year ended June 30, 2021 (FY21), reaching approximately 3.7 million barrels sold in total.

The independent oil and gas exploration and production company sold a total of 874,944 barrels of crude oil during its third quarter ended March 31, 2021 (3Q21), in which two of the withdrawals took place at North Sabah and Anasuria Cluster.

Profits for the period increased 12.5% ​​year-on-year (year-on-year) to RM32.03 million, due to higher crude prices.

Revenue increased 22.8% year-on-year to RM 215.98 million in the quarter, with the group’s average realized oil prices rising from US $ 39.91 per barrel in 2Q21 to US $ 60.46 (RM 250.67) per barrel at 3Q21 for crude sales from its Malaysian asset in North Sabah.

A corresponding increase was also observed for sales made from its North Sea asset with an improvement from US $ 40.85 per barrel in 2Q21 to US $ 54.04 per barrel in 3Q21.

MD Dr Kenneth Gerard Pereira (Photo) said the company remains cautious, given macro-level uncertainties exacerbated by the spread of Covid-19 variants.

“We are also focusing on our cost optimization initiatives while ensuring safe and efficient business continuity. In the pursuit of business growth, we are diligently working on various M&A opportunities, focusing on production of assets in the Southeast Asia region ”, t he said yesterday in a press release.

Hibiscus added that the planned 29-day at-sea rotation of the Anasuria Production and Offload Floating Storage (FPSO) began in April 2021 and aims to improve the reliability and integrity of the Anasuria FPSO, while ensuring an environment offshore work safe.

He said the turnaround was complete and the facility was gradually being brought back online.

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