EnQuest has agreed to acquire Harbour Energy’s oil and gas production business offshore Vietnam for $84 million.
It includes a 53.125% stake in the Chim Sáo and Dua fields in the Natuna Sea, both developed originally by Premier Oil.
The transaction should close during the second quarter. It marks EnQuest’s first foray in Southeast Asia beyond Malaysia, where it recently completed 10 years of operations.
Chim Sáo and Dua are both in offshore Block 12W. The company plans to transfer its late-life and FPSO asset management experience from the UK North Sea and Malaysia.
The fields’ current combined net 2P and 2C are 7.5 MMboe and 4.9 MMboe, respectively. Production has improved following the drilling of three infill wells in 2023 and various well interventions during 2023-2024, which together have boosted the 2P resources by about 3 MMboe.
In 2025, EnQuest anticipates average net production of 5,300 boe/d, with upside potential arising from well interventions. The gas is sold under an associated gas gathering agreement. Field volumes are produced at a life of field asset breakeven of c. $40 per boe, with minimal capital.
The Block 12W production sharing contract (PSC) runs through November 2030, with an option for a further extension. The company sees added prospectivity in three gas discoveries and other exploration targets, which it plans to investigate.
Last month, EnQuest signed a letter of agreement with Petronas Carigali and E&P Malaysia Venture to develop an additional 155 Bcf of gas from the Seligi field in the PM8 concession offshore Peninsular Malaysia, via the PM8 Extension (PM8E) PSC.
The agreement allows the parties to develop and commercialize non-associated gas in the PSC contract area, supplying about 70 MMcf/d to customers.
EnQuest will produce the additional Seligi non-associated gas by modifying its existing offshore infrastructure to deliver new volumes into the Peninsular Malaysia gas system.
CEO Amjad Bseisu said, “As EnQuest continues to work toward a transformational transaction in the UK North Sea, this agreement underlines our commitment to growth, a disciplined approach to M&A, and deploying capital where we see the most favorable returns.”
