Kuala Lumpur, 17 September 2025 — 12:30 p.m. — Hibiscus Petroleum Berhad (HIBI: MK) has confirmed the commencement of drilling operations at its Teal West development field in the UK North Sea, marking a significant milestone in its long-term investment in the region.
The Shelf Drilling Fortress jack-up rig, which departed from Invergordon, Scotland earlier this month, was successfully positioned at the Teal West site and spudded a new development well on 14 September 2025. The field lies just four kilometres from the Anasuria Floating Production, Storage and Offloading (FPSO) facility, operated by Hibiscus Petroleum’s wholly-owned subsidiary Anasuria Hibiscus UK Limited (AHUK) through a joint venture with Ping Petroleum UK PLC, itself a subsidiary of Dagang NeXchange Berhad (DNeX).
Once completed, the Teal West well will be tied back to the Anasuria FPSO. Subsea installation activities are scheduled for early Q2 2026, with first oil targeted by mid-2026. Fluids produced from the new well will be processed and exported via the Anasuria FPSO, further optimising Hibiscus Petroleum’s existing infrastructure.
A rare development in a slowing UK basin
The start of drilling at Teal West is particularly significant given the current challenges in the UK oil and gas sector. Activity across the UK Continental Shelf (UKCS) has slowed to historic lows, with Teal West among only three development wells being drilled across the entire basin in 2025.
Despite the muted outlook, Hibiscus Petroleum remains committed to investing in the North Sea. Tom Reeve, General Manager of AHUK, underscored this strategy, noting that the company’s priorities are centred on delivering shareholder value while ensuring operational excellence.
“Our approach is about firstly delivering value to our shareholders,” Reeve said. “We are continuing to invest in the UK North Sea as we believe that at some point, factors such as energy security, the environmental cost of importing LNG and the preservation of local jobs will encourage the UK government to proactively and positively revise the current fiscal regime. In the meantime, we are focused on delivering a safe and top-quartile performance for the drilling operation currently being undertaken.”
Positioning for energy security
For Hibiscus Petroleum, Teal West not only represents incremental production but also a statement of confidence in the long-term role of the North Sea in the UK’s energy mix. Rising concerns over LNG import costs, carbon footprints, and the importance of preserving domestic oil and gas jobs provide potential tailwinds for producers like Hibiscus if fiscal conditions become more supportive.
The project also illustrates the company’s strategic advantage: leveraging existing production hubs like the Anasuria FPSO to extend asset life and unlock nearby resources at lower cost. By maximising returns from its infrastructure footprint, Hibiscus is positioning itself as a disciplined and resilient mid-tier oil and gas producer.
