Hibiscus sees profit lift backed by Anasuria output

  • Business & Finance

Malaysia’s independent oil & gas company Hibiscus Petroleum delivered a higher profit during its first financial quarter ended September 30, 2016, backed by revenues from the Anasuria cluster in the UK North Sea.

The Malaysian company bought 50% of Anasuria Cluster interest from the oil giant Shell in an agreement signed in August last year.

The Anasuria Cluster is located approximately 175 km east of Aberdeen in the UK Central North Sea and consists of a 100% interest in the Anasuria FPSO, Teal, Teal South, Guillemot A fields and a 38.65% interest in the Cook field. The owner of the remaining 61.35% of the Cook Field is Ithaca Energy Inc.

For the first financial quarter ended September 30, 2016, Hibiscus Petroleum said on Friday the company delivered a profit before tax of RM 7.48 million ($1.7M), compared to RM 4.8 million in the same period last year, and a profit after tax of RM 80.28 million.

Operationally, over 271,000 barrels of oil produced from the various fields within the Anasuria Cluster were sold at a realized price of $45.21 per barrel during the period contributing to a revenue of RM 53.7 million, Hibiscus said. As a comparison, Hibiscus’ revenues in the same period last year amounted to RM 245,000.

Average production stood at over 3,400 barrels of oil equivalent per day. Operational expenditure (opex) per barrel of oil equivalent (boe) of Anasuria was recorded at $18.39/boe for the first quarter.

Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, commented, “We have now been jointly operating the Anasuria asset for more than six months. It is a floating installation located in the UK sector of the North Sea and it is satisfying to perform this task profitably in the current oil environment.”

Offshore Energy Today Staff

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