UK-based oil explorer EnQuest has acquired Harbour Energy’s business in Vietnam, marking a significant expansion of its operations in Southeast Asia.
The deal includes a 53.12% equity interest and operatorship of the Chim Sáo and Dua production fields in Block 12W.
This move is in line with EnQuest’s strategy to invest in assets with fast payback, low capital expenditure, and reduced carbon intensity.
The transaction’s headline value stands at $85.1m, with EnQuest’s actual payment adjusted to approximately $25.7m after accounting for cash flows since the effective date of 1 January 2024.
The sale and purchase agreement for this acquisition was signed earlier in the year.
The net 2P reserves and 2C resources in the fields, as of 1 January 2025, are estimated at 7.5 million barrels of oil equivalent (mboe) and 4.9mboe, respectively.
EnQuest plans to further explore Block 12W’s potential and apply its expertise in managing late-life assets and floating production storage and offloading (FPSO) units to enhance the fields’ value.
The company aims to convert discovered resources into reserves and extend the production sharing contract (PSC), which currently expires in November 2030.
EnQuest’s Vietnam asset team has efficiently completed an annual maintenance shutdown and executed three of six planned well interventions, adding roughly 1,200 barrels of oil equivalent per day (boepd) to the gross production since signing the contract.
The first half of 2025 saw an average net asset production of 5,700boepd, with expectations for additional production gains from ongoing well interventions and a production-enhancing chemical process used during the shutdown.
The strong operational performance and the resulting free cash flow from the Chim Sáo and Dua fields provide a solid foundation for EnQuest’s venture in Vietnam, the company said.
EnQuest CEO Amjad Bseisu said: “Southeast Asia is key to EnQuest’s growth and diversification strategy, and we are excited by the opportunity to utilise our proven operating expertise to optimise, enhance and extend the Block 12W assets in Vietnam.
“We are impressed with the talent and attitude displayed by our new colleagues as we welcome the Vietnam asset team into the Group, and we are committed to working with our partners, Bitexco and PetroVietnam Exploration Production, to explore future value-accretive opportunities within the fields.”
“EnQuest completes acquisition of Harbour Energy’s Vietnam business” was originally created and published by Offshore Technology, a GlobalData owned brand.
