EnQuest Closes Acquisition of Harbour Energy’s Vietnam Assets

EnQuest PLC said it has completed the acquisition of Harbour Energy’s business in Vietnam, which holds a 53.125 percent equity interest in the Chim Sáo and Dua production fields (Block 12W).

With the completion of the acquisition, Enquest is now the operator of the assets, the company said in a news release. Block 12W is made up of three producing oil and gas fields: Chim Sáo, Chim Sáo North West (CSNW) and Dua, located in the Nam Con Son Basin, approximately 248.5 miles (400 kilometers) southwest of Vung Tau, Vietnam.

The headline value of the transaction is $85.1 million and the consideration paid by EnQuest was around $25.7 million, net of interim period cash flows generated since the effective date of Jan. 1, 2024, the company said.

The transaction involves EnQuest’s acquisition of the 28.125 percent equity share held by Premier Oil Vietnam Offshore BV (POVO) and the 25 percent share held by Premier Oil Vietnam Limited (POVL). EnQuest will be the field operator, with non-operator joint venture partners Bitexco, with a working interest of 31.875 percent, and PetroVietnam Exploration Production Corporation Ltd, with 15 percent.

As of January 1, net 2P reserves and 2C resources across the fields totaled 7.5 million barrels of oil equivalent (MMboe) and 4.9 MMboe, respectively, according to the release.

EnQuest said it plans to evaluate additional Block 12W prospectivity and “deploy its proven late-life and FPSO asset management expertise to maximize value and translate discovered resources into reserves” at the fields, which are spread across three gas discoveries and several additional targets.

The company said it targets extending the production sharing contract beyond its current end date of November 2030.

“Robust operational performance and the resulting free cash flow” underpin Chim Sáo and Dua’s value, making them “strong anchor assets” for EnQuest’s entry into Vietnam, the company said. The acquisition“represents another key step in delivering the Group’s diversified growth across Southeast Asia and aligns with its strategic aim to expand its operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity,” the company added.

EnQuest CEO Amjad Bseisu said, “Southeast Asia is key to EnQuest’s growth and diversification strategy, and we are excited by the opportunity to utilize our proven operating expertise to optimize, 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 Corporation Ltd, to explore future value-accretive opportunities within the fields”.

Since signing the transaction, Enquest said its Vietnam asset team has successfully completed a planned annual maintenance shutdown and executed three of six scheduled well intervention scopes, which have added approximately 1,200 boepd of gross production.

Net asset production in the first half of 2025 averaged 5,700 boepd, “with the potential for further in-year upside relating to well intervention activity and performance and the positive impact of a production-enhancing chemical soaking process undertaken during the shutdown,” the company said.

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