EnQuest has completed its acquisition of Harbour Energy’s business in Vietnam, securing a 53.125 percent equity interest and operatorship of the Chim Sáo and Dua production fields, collectively known as Block 12W. The transaction represents a significant milestone in EnQuest’s strategic expansion across South East Asia and aligns with the company’s objective to diversify its operating footprint through investments in fast-payback assets with low capital expenditure requirements and reduced carbon intensity.
The headline transaction value totalled $85.1 million, with EnQuest paying approximately $25.7 million in consideration after accounting for interim period cash flows generated since the effective date of January 1, 2024. As of January 1, 2025, the acquired assets contained net 2P reserves of 7.5 million barrels of oil equivalent and 2C resources of 4.9 million boe.
EnQuest plans to leverage its proven late-life and floating production storage and offloading (FPSO) asset management expertise to maximise value and convert discovered resources into reserves. The company intends to assess additional Block 12W prospectivity across three gas discoveries and several additional targets, with the goal of extending the Production Sharing Contract beyond its current expiration date of November 2030.
Since the transaction signing in January, the Vietnam asset team has demonstrated strong operational performance. The team successfully completed a planned annual maintenance shutdown on time and within budget while executing three of six scheduled well intervention scopes that added approximately 1,200 barrels of oil equivalent per day (boepd) of gross production.
Net asset production during the first half of 2025 averaged 5.7 thousand barrels of oil equivalent per day (kboepd), with potential for additional increases related to ongoing well intervention activities and the positive impact of a production-enhancing chemical soaking process conducted during the shutdown period.
The robust operational performance and resulting free cash flow generation position Chim Sáo and Dua as strong anchor assets for EnQuest’s entry into the Vietnamese market. The acquisition complements the company’s recent successful award of Production Sharing Contracts in Indonesia, furthering its South East Asian expansion beyond Malaysia, where EnQuest has operated successfully for ten years and was recently named Operator of the Year by Petronas for the second consecutive year.
Amjad Bseisu, EnQuest’s CEO, emphasised the strategic importance of the acquisition. “South East Asia is key to EnQuest’s growth and diversification strategy, and we are excited by the opportunity to utilise our proven operating expertise to optimise, enhance and extend the Block 12W assets in Vietnam,” Bseisu stated.
The CEO also highlighted the integration of the Vietnamese team, expressing satisfaction with the talent and attitude displayed by new colleagues as they join the EnQuest organisation. Bseisu confirmed the company’s commitment to collaborating with partners Bitexco and PetroVietnam Exploration Production Corporation Ltd to explore future value-accretive opportunities within the fields.
The completion of this acquisition marks another step in EnQuest’s strategic diversification efforts and reinforces its position as a key operator in the South East Asian energy sector.
For more information visit www.enquest.com
