Hibiscus Petroleum to sell 3.7m crude oil barrels in FY21, 3Q21 earnings rise 12.5% to RM32m


HIBISCUS Petroleum Bhd aims to deliver a further three offtakes in the final quarter of its financial year ending June 30, 2021 (FY21), to reach around 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 in its third quarter ended March 31, 2021 (3Q21), whereby two of the offtakes conducted took place in North Sabah and Anasuria Cluster.

Earnings for the period rose 12.5% year-on-year (YoY) to RM32.03 million, driven by stronger crude prices.

Revenue increased 22.8% YoY to RM215.98 million in the quarter as the group’s average realised oil prices improved from US$39.91 per barrel in 2Q21 to US$60.46 (RM250.67) per barrel in 3Q21 for crude sales from its Malaysian North Sabah asset.

A corresponding increase was also seen for sales conducted 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 (picture) said the company remains cautious, given the macro-level uncertainties exacerbated by the spread of Covid-19 variants.

“We are also focused on our cost-optimisation initiatives while ensuring safe and efficient business continuity. In the pursuit of business growth, we are working diligently on various merger and acquisition opportunities, focusing on producing assets in the SouthEast Asian region,” he said in a statement yesterday.

Hibiscus added that the planned 29-day offshore turnaround of the Anasuria floating production storage and offloading (FPSO) had commenced in April 2021 and is intended to improve the reliability and integrity of the Anasuria FPSO, while ensuring a safe offshore working environment.

It said the turnaround is completed, and the facility is gradually being brought back online.