EnQuest to acquire Harbour Energy's business in Vietnam
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EnQuest plans to buy Harbour Energy's Vietnamese business in an $84million (£68million) deal as it seeks to expand operations outside the UK. The London-based energy exploration business will acquire Harbour's majority stake in the Chim Sáo and Dua production fields, which it plans to operate after completing the transaction.
Located about 400 kilometres south west of port city Vung Tau, the two fields' net reserves total an estimated 7.5 million barrels of oil equivalent, while its contingent resources are about 4.9 million boe. Net production from the fields is expected to average 5,300 boepd in 2025, of which approximately 73 per cent is high-quality oil.
The takeover, which EnQuest expects to finalise in the second quarter, will broaden its South East Asian presence beyond Malaysia, where it helps operate the PM8 and Seligi fields with state-owned oil and gas firm Petronas. Although the acquisition has a headline value of $84million, EnQuest said it would pay only about $35million net of interim period cash flows.
Takeover: EnQuest plans to buy Harbour Energy's Vietnamese business in an $84million deal. Amjad Bseisu, chief executive of EnQuest, said: 'This agreement underlines our commitment to growth, a disciplined approach to M&A, and deploying capital where we see the most favourable returns.'.
