KUALA LUMPUR: Hibiscus Petroleum Bhd said higher oil prices boosted profits in the first quarter ended Sept 30, despite reduced production in Sabah due to the Covid-19 restrictions.

       Net profit rose to RM41.5mil from RM10mil made in the same quarter a year ago. Revenue was substantially higher at RM246.7mil compared with RM145.5mil previously.

       Hibiscus sold 757,062 barrels of crude oil during the three-month period. "We expect to deliver approximately 2.5-2.7 million bbl of oil for FY2022 from North Sabah and Anasuria (in the UK North Sea)," the company said in a statement today.

       "In the event the Proposed Acquisition is completed by the end of CY2021, we expect to add an additional 3 million boe of oil and gas to the above estimate," it added.

       In June, Hibiscus has entered into a deal with Repsol to acquire five production sharing contracts (PSC) in Malaysia and Vietnam. Under the deal, Hibiscus will assume Repsol’s role as operator in the five PSCs.