Hibiscus Petroleum Bhd MD Dr Kenneth Gerard Pereira(filepic) said the benchmark Brent crude oil, currently trading at US$63 per barrel, was a strong indication of underlying demand due to growing world population.
KUALA LUMPUR: Hibiscus Petroleum will be drilling eight oil wells this year, six in Malaysia and two in the United Kingdom, which is set to increase its production volumes.
The eight wells are currently in the process of being sanctioned, and is expected to involve a capital expenditure in the region of US$75mil (RM304.55mil), spent equally between Malaysia and UK.
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