Hibiscus announces profit boost from the North Sea
Hibiscus Petroleum, Malaysia’s first independent oil and gas company, has reported its assets in the north sea region to be of promising value, a new report reveals.
According to North Sea newbie Hibiscus Petroleum, the Malaysian company’s recent investment in the North Sea region will prove to be highly profitable. The oil and gas company has announced that its stake in the Anasuria cluster (central North Sea) had a value of just under £158million, as of March this year.
This new total was reported based on “areas of oil and gas production profiles, oil price projections and revised operating and capital cost estimates.” As of now, oil prices have seen a recent spike compared to its rapid decrease starting in late 2014. Brent crude oil is now reaching figures of almost $50 a barrel.
Hibiscus and Ping Petroleum, both Malaysia-based, secured the Anasuria cluster from Shell and ExxonMobil at the beginning of this year for just under £70million. This was following Shell’s statement that the company would be selling ‘significant parts’ of its UK assets operating in the North Sea region.
Hibiscus is delighted with the acquisition, being that it’s a relatively new industry player. Hibiscus was the first Malaysian oil and gas company to make the Malaysian stock exchange, as of 2011; only four years after its launch in 2007.
The reasoning behind Ping and Hibiscus’ investment in the north sea region, according to the companies themselves, is the promise of support they received from the UK Government to enable “smaller independents to invest and revive the North Sea basin.”
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