Hibiscus Petroleum sets 2030 output target at 70,000 boe/day
KUALA LUMPUR: Hibiscus Petroleum Bhd is targeting production of 70,000 barrels of oil equivalent per day (boe/day) and 2P reserves of 150 million barrels of oil equivalent (MMboe) by 2030.
In a filing with Bursa Malaysia, the company said the "2030 Mission' marks a new phase in its evolution, dubbed 'Hibiscus 3.0', which includes plans to diversify into energy transition projects as part of its strategy to be a responsible energy company.
Managing director Datuk Dr Kenneth Pereira said Hibiscus Petroleum is entering its next phase of growth under the new mission.
"The board and founding management team, who collectively hold 13.07 per cent of Hibiscus shares, are fully aligned with shareholders' objectives to enhance the group's value,' he said.
The group exceeded its 2021 Mission production goal of 20,000 boe/day.
As at Jan 1, 2025, Hibiscus held net 2P reserves of 84.9 MMboe and net 2C resources of 132.9 MMboe, with current net production of about 27,000 boe/day.
The company said that in addition to its core cash-generating operations, it plans to invest in energy transition projects involving power generation.
These projects aim to help address a potential 5GW power generation shortfall in Malaysia by 2030 and support the Government's 13th Malaysia Plan for a sustainable future.
Hibiscus Petroleum also said it would pursue several new value-enhancement initiatives in the energy transition space.
It added that recent key achievements would lay the foundation for delivering the 2030 Mission. Among them is the completion of its acquisition of the Block B Maharajalela Jamalulalam gas asset in Brunei from TotalEnergies in October 2024, offering a potential pathway to further investments in the country. - Bernama
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