UK's EnQuest acquires Harbour Energy’s business in Vietnam

This transaction aligns with the group’s strategic aim to grow its international footprint by investing in fast-payback assets, with low capex and reduced carbon intensity.

The transaction is scheduled for completion during the second quarter of 2025. The headline value of the transaction is $84 million and, net of interim period cash flows, the consideration to be paid by EnQuest on completion is expected to equal around $35 million. This fully staffed new country entry expands the group’s Southeast Asian footprint beyond Malaysia, where EnQuest recently celebrated 10 years of successful operations.

EnQuest will operate the Chim Sao and Dua fields (Block 12W) from completion, deploying its proven late life and FPSO asset management expertise to maximise value and progress discovered resources into reserves. The two fields' net reserves total an estimated 7.5 million barrels of oil (boe) equivalent, while its contingent resources are about 4.9 million boe.

Net production in 2025 is forecast to average 5,300 boe per day, with further significant upside potential relating to well intervention performance.

Commenting on the acquisition, EnQuest CEO Amjad Bseisu said, “Our entry into Vietnam is highly complementary to EnQuest’s well-established and high-performing Malaysia business and significantly enhances the scale of our operations and opportunity in Southeast Asia. The region is key to EnQuest’s growth and diversification strategy, and we are excited by the potential to deploy our proven expertise and operating capability to optimise and enhance the Block 12W assets."

"We look forward to welcoming our new employees from the existing Harbour Energy team to the group and are committed to working with our partners, Bitexco and PetroVietnam Exploration Production Corporation Ltd, to explore future opportunities in the assets. As EnQuest continues to work towards a transformational transaction in the UK North Sea, this agreement underlines our commitment to growth, a disciplined approach to mergers and acquisitions, and deploying capital where we see the most favourable returns,” Bseisu added.

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