Hibiscus Petroleum’s UK segment achieves ‘healthy profit margins’

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Malaysian company Hibiscus Petroleum has released its fourth quarter reports for the financial year ending June 30, 2022, reporting gross profit of £45.84 million.

The report says the UK generated revenues of £62.45 million for Hibiscus, selling 685.255 billion barrels of liquid petroleum (bbls) of crude oil.

Total revenue generated from crude oil sold was £51.37 million, while total revenue generated from gas for the business was £11.08 million.

Hibiscus writes that “the revenue contribution from gas sales has been greater in the current year due to significantly higher gas prices.”

According to the company, the average daily oil equivalent production rate and average uptime were low at 2,119 barrels of oil equivalent (boe) per day and 68% respectively.

The company explains: “Operational performance was impacted by a planned offshore turnaround of the Anasuria FPSO which commenced on June 17, 2022 and subsequently completed on July 17, 2022.”

Hibiscus says this work has been undertaken to improve the reliability and integrity of the vessel to ensure a safe offshore working environment.

In addition to the overhaul in May last year, a critical component of the underwater infrastructure was found to be faulty.

According to Hibiscus: “The critical component is a production riser that carries the produced crude oil to the Anasuria FPSO.

“This component has been isolated from the primary production system.

“The impact of this temporary isolation is an overall lower daily production rate of the Anasuria cluster that will continue until the failed component is replaced.”

The Malaysian company reportedly paid £12.06 in tax for its UK segment during the financial year.

The company reports that its total revenue for the current quarter is £20.16, reporting £17.29 million from 162,957 barrels sold and £2.87 million from gas production.

Similar to the UK, Hibiscus found the average oil equivalent daily production rate and average uptime to be low across the business at 1,884 boe per day and 61% respectively.

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