KUALA LUMPUR (Aug 4): Hibiscus Petroleum Bhd (KL:HIBISCS), the only Malaysian-listed pure-play upstream oil and gas player, said it aims to more than double its net production and increase its reserves by 76% over the next five years.

In particular, the exploration and production player wants to increase its net production rate to 70,000 barrels of oil equivalent per day by 2030 from 27,000 currently, and raise its proven and probable reserves to 150 million barrels of oil equivalent (mmboe) from 84.9 mmboe as at end-January 2025.

The new targets, listed under Hibiscus' 2030 Mission strategy, were approved by its board following the conclusion of its annual strategic planning conference on Aug 1, the company said in a statement on Monday.  

The 2030 Mission contains several new value enhancement initiatives in the energy transition space, the company said, adding that it is to address the potential 5GW shortfall in power generation in Malaysia.

Looking more to the present, Hibiscus has an existing near-term target to reach a net production of 35,000 barrels of oil equivalent per day by 2026, which the company said it is presently on track to meet.

Near-term production growth is to be supported by the commencement of oil production from the Teal West field in 2026, performance improvements at its Brunei asset, coupled with additional production enhancements across other producing assets.

“In addition, the expected approval of the PKNB Field Development Plan and final investment decision in 2026 will enable the associated 2C to be reclassified as 2P reserves,” Hibiscus said, the reclassification of which would support the company’s 2026 net 2P reserves target of 100 mmboe.

Hibiscus has a 37.5% stake and operatorship in Block B of the Maharajalela Jamalulalam field offshore Brunei, 65% operating interest in the PKNB cluster production sharing contract northeast of Peninsular Malaysia, as well as interests in various fields, including Teal West, in the Anasuria cluster in the UK.  

Hibiscus managing director Datuk Dr Kenneth Gerard Pereira said the latest plan sets the stage for the next step in Hibiscus’ growth story. “We have established ourselves as a credible exploration and production player in Southeast Asia, and see opportunities across Malaysia and Brunei to further grow our production and increase our reserves.”

The energy transition pursuit is to enhance income stability for a more predictable and sustainable dividend profile for its shareholders, Pereira noted.

Shares in Hibiscus ended seven sen or 4.61% lower at RM1.45 on Monday, valuing the company at RM1.07 billion.