KUALA LUMPUR: Hibiscus Petroleum Bhd has raised its estimate of proved and probable (2P) oil reserves at its Teal West field in the UK by 32% to 4.5 million barrels of oil (MMbbl). 2P oil reserves refer to oil that is able to be produced with a high degree of certainty (proved) plus additional reserves that have at least a 50% chance of being recovered (probable). While the group had previously reported 2P oil reserves of 3.4 MMbbl, fluids samples from the well showed a deeper than estimated oil-water contact, which means that the oil extends deeper than expected. It said average oil production from the Teal West field for FY2027 is estimated at approximately 7,000 bbl/day, adding over 390% to Hibiscus’ UK oil & gas production of 1,778 boe/day in FY25. Fluids from the Teal West field will be processed and exported from the Anasuria floating, production, storage and offloading facility.

Source: The Star January 07, 2026 10:30 UTC