EnQuest Acquires of Harbour Energy’s Assets in Veitnam

The UK-based energy transition company EnQuest PLC on Thursday said that it has completed the acquisition of Harbour Energy’s business in Vietnam, which holds a 53.125% equity interest in (and operatorship of) the Chim Sáo and Dua production fields (Block 12W) for $85.1 million.

The completion of the transaction confirms EnQuest as operator and represents another key step in delivering the Group’s diversified growth across South East 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.

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

As at 1 January 2025, net proven and probable (2P) reserves and 2C resources (the unrisked best estimate scenario of Contingent Resources) across the fields totalled 7.5 million barrels of Oil Equivalent (BoE) and 4.9 million BoE, respectively.

EnQuest intends to assess additional Block 12W prospectivity and deploy its proven late-life and FPSO asset management expertise to maximise value and 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 Production Sharing 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 c.1,200 BoE per day of gross production.

Net asset production in the first half of 2025 averaged 5.7k BoE per day, 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. 

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.

Expanding SEA Footprint

Alongside the recent successful award of PSCs in Indonesia, the Group continues to expand its South East Asian footprint beyond Malaysia, where EnQuest recently celebrated ten years of successful operations and was named Operator of the Year by Petronas for a second successive year.

EnQuest CEO Amjad Bseisu said that South East Asia is key to EnQuest’s growth and diversification strategy, and they were excited by the opportunity to utilise their 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 Corporation Ltd, to explore future value-accretive opportunities within the fields,” he added.