Malaysian-based Hibiscus Petroleum has released its Q4 reports for the financial year, ending the 30th of June 2022, reporting gross profits of £45.84 million.
The report states that the UK generated revenues of £62.45m for Hibiscus, selling 685,255 billion barrels of petroleum liquids (bbls) of crude oil.
The total revenue brought in by the crude oil sold came out at £51.37 m, while the total revenue generated from gas for the firm was £11.08 m.
Hibiscus writes “contribution to revenue from the sale of gas was more significant in the Current Year due to significantly higher gas prices.”
According to the company, both the average daily oil equivalent production rate and the average uptime were low, standing at 2,119 barrels of oil equivalent (boe) per day and 68% respectively.
The company explains: “Operational performance was affected by a planned Offshore Turnaround of the Anasuria FPSO which commenced on 17 June 2022 and was subsequently completed on 17 July 2022.”
Hibiscus say that this work was undertaken to improve the reliability and integrity of the vessel to insure a safe offshore working environment.
In addition to the turnaround in May of last year, a critical component of the subsea infrastructure was found to be malfunctioning.
According to Hibiscus: “The critical component relates to a production riser that transports produced crude oil to the Anasuria FPSO.
“This component has been isolated from the primary production system.
“The impact of this temporary isolation is a lower overall daily production rate from the Anasuria Cluster which will continue until the failed component is replaced.”
The Malaysian firm reportedly paid £12.06 in tax for its UK segment during the course of the financial year.
The company reports that its total revenue from the current quarter is £20.16, bringing in £17.29 million from the 162,957 bbls sold and £2.87 m from gas production.
Much like in the UK Hibiscus found that the average daily oil equivalent production rate and the average uptime were low across the company reporting 1,884 boe per day and 61% respectively.
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