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Nikkei Markets

Malaysia's Hibiscus Petroleum Aims Up To 5000 Barrels/Day Output By FY20-Official

By Gho Chee Yuan
Nikkei Markets
KUALA LUMPUR (Nov 09) -- Malaysia's Hibiscus Petroleum, an oil and gas exploration and production company, is aiming daily oil output up to 5,000 barrels from its Anasuria Cluster by the end of the fiscal year to Jun. 30, 2020, its managing director said Thursday.

"We hope to maintain at least 85% average facility uptime at Anasuria cluster," Kenneth Gerard Pereira said at a news conference. This would help the company maintain cost of production at $15.4 per barrel at least through this financial year, he said.

"The current oil price is a sweet spot for us," he said, and the company is comfortable under this operating environment as it estimates global Brent crude oil price to stay between $58 per barrel and $68 a barrel, Pereira added.
- By Gho Chee Yuan; terence.gho@nikkeinewsrise.com; +603-20267363
- Edited By Abhrajit Gangopadhyay
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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