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Profits sink at Hibiscus’ UK business

Anasuria FPSO Hibiscus
The Anasuria FPSO

Maintenance on its main production vessel and a drop in the oil price more than halved profits at Malaysia’s Anasuria Hibiscus.

The firm, the UK branch of Hibiscus Petroleum, recorded pre-tax profits of £2.7million for the 2019 financial year, a 63% drop on 2018’s £7.4m total.

It comes after the Anasuria FPSO was completely shutdown in July for maintenance before being restarted later that quarter.

As a result, the firm sold 522,000 barrels of oil from two offstakes during the year, down from nearly 800,000 the previous year, while the average price of crude dropped from $68 to $63.

The combination hit Anasuria’s revenues, which dropped 40.5% from £44.1m to £26.2million.

The FPSO produces a cluster of fields, comprised of the Teal, Teal South, Guillemot and Cook fields.

Anasuria also recorded costs related to depreciation of assets of £2.8million, as well as others related to decommissioning.

It comes as the firm said in December it intends to develop a cluster of assets in the central North Sea via an FPSO, including the Marigold and Sunflower fields, 155miles  north-east of Aberdeen.

Anasuria Hibiscus UK bought 50% of the assets, thought to contain 60million barrels of oil,  from India’s Aban Offshore for £28.5 million in 2018.

The firm is also looking at also developing the Crown discovery, recently acquired from United Oil and Gas, through the FPSO.

Anasuria said it expects a final investment decision to be made by the end of this year.

The financial results come as parent company Hibiscus, which also has operated assets in Malaysia, posted pre-tax profits of £23.6m on revenues of £78.4m last year, down from £39.5m and £95.5m respectively.

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