EnQuest completes acquisition of Harbour Energy’s Vietnam business

Completion confirms EnQuest as the operator and represents another key step in delivering the group’s diversified growth across Southeast Asia. It also aligns with its strategic aim to expand its operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity.

The headline value of the transaction is $85.1 million and, net of interim period cash flows (generated since the effective date of January 1, 2024), the consideration paid by EnQuest was circa $25.7 million.

As of January 1, 2025, net reserves and contingent resources across the fields totalled 7.5 million barrels of oil and 4.9 million barrels of oil, respectively. EnQuest intends to assess additional sites and deploy its proven late-life and Floating Production, Storage, and Offloading (FPSO) asset management expertise to maximise value. This will translate discovered resources into reserves at the fields (which are spread across three gas discoveries and several additional targets), with a view to extending the contract beyond its current end date of November 2030.

Since signing the transaction, the Vietnam asset team has successfully completed a planned annual maintenance shutdown (on time and within budget) and executed three of six scheduled well intervention scopes, which have added around 1,200 barrels of oil equivalent per day of gross production.

Net asset production in the first half of 2025 averaged 5.7 thousand barrels of oil equivalent per day, with the potential for a further in-year upside relating to well intervention and a production-enhancing chemical soaking process undertaken during the shutdown.

Robust operational performance and the resulting free cash flow underpin Chim Sao and Dua’s value, making them strong anchor assets for EnQuest’s entry into Vietnam.

UK's EnQuest acquires Harbour Energy’s business in Vietnam British energy company EnQuest PLC announced on January 22 that it has signed a sale and purchase agreement to acquire Harbor Energy's business in Vietnam, which includes a 53.125 per cent equity interest in the Chim Sao and Dua production fields.

M&A market braces for policy slowdown The wave of dealmaking activities in Vietnam may face a slowdown amid unpredictable policies that will have a knock-on effect.

M&A outlook remains cautiously optimistic This year, the Vietnamese government set a GDP growth target of over 8 per cent, with the economy expected to reach $500 billion in size.