EnQuest Acquires Harbour Energy’s Vietnamese Assets

(Credit: EnQuest)

U.K.-based oil firm EnQuest 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.

The completion of the acquisition has confirmed EnQuest as operator of the fields in Block 12W.

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 at January 1, 2025, net 2P reserves and 2C resources across the fields totaled 7.5 million boe and 4.9 million boe, respectively.

EnQuest intends to assess additional Block 12W prospectivity and deploy its proven late-life and floating production, storage and offloading (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.

EnQuest added it will target the extension of 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 and executed three of six scheduled well intervention scopes, which have added around 1,200 boepd of gross production.

Net asset production in the first half of 2025 averaged 5.7 kboepd, 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. 

“South East 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,” said Amjad Bseisu, EnQuest Chief Executive Officer.