KUALA LUMPUR: Hibiscus Petroleum Bhd
has set its sights on expanding its oil and gas (O&G) business in New Zealand, while remaining committed to the Southeast Asian market.
Its managing director Datuk Dr Kenneth Pereira said New Zealand has reopened its offshore exploration market after reversing its 2018 ban on new offshore exploration in September this year.
He said the country has a very good fiscal regime, and the government is actively promoting O&G, as the gas decline curve is sharper than expected, and the cost of getting liquefied natural gas to New Zealand is high.
"For a country that is normally 86 per cent powered by renewables, a couple of dry summers, some periods without wind, and suddenly importing coal were the realities experienced by New Zealand.
"And I hope that in Europe as well, there is going to be some realisation that actually this industry, the oil and gas, is an active and critical part of the energy mix,” he said.
He was speaking as a panel member in a session entitled "The global market environment -- challenges and opportunities” at the International Marine Contractors Association (IMCA) Global Summit 2025 here today.
Pereira said Hibiscus Petroleum plays a complementary role to larger companies by taking over O&G fields that are no longer within the "sweet spot” or optimal operating range of major players, especially when the fields are no longer cost-effective for them.
He said that the company seeks to operate these fields more efficiently and strategically, viewing the larger companies as potential partners in the future.
"So, in terms of the opportunity, once the basins get mature, there are going to be a lot of decommissioning activities.
"This is a function of where the basins are in their life cycle, indicating that there are going to be these mature fields coming our way, hopefully,” he added.
The IMCA Global Summit 2025 explores the impact of global megatrends, including artificial intelligence and new technology, geopolitical upheaval, and new maritime regulations to promote energy efficiency, with over 400 business leaders, decision-makers, and technical experts worldwide in attendance to shape the evolution of the marine contracting industry. - Bernama
