EnQuest PLC stated it has accomplished the acquisition of Harbour Power’s enterprise in Vietnam, which holds a 53.125 % fairness curiosity within the Chim Sáo and Dua manufacturing fields (Block 12W).
With the completion of the acquisition, Enquest is now the operator of the belongings, the corporate stated in a information launch. Block 12W is made up of three producing oil and gasoline fields: Chim Sáo, Chim Sáo North West (CSNW) and Dua, situated within the Nam Con Son Basin, roughly 248.5 miles (400 kilometers) southwest of Vung Tau, Vietnam.
The headline worth of the transaction is $85.1 million and the consideration paid by EnQuest was round $25.7 million, internet of interim interval money flows generated for the reason that efficient date of Jan. 1, 2024, the corporate stated.
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The transaction includes EnQuest’s acquisition of the 28.125 % fairness share held by Premier Oil Vietnam Offshore BV (POVO) and the 25 % share held by Premier Oil Vietnam Restricted (POVL). EnQuest would be the subject operator, with non-operator three way partnership companions Bitexco, with a working curiosity of 31.875 %, and PetroVietnam Exploration Manufacturing Company Ltd, with 15 %.
As of January 1, internet 2P reserves and 2C assets throughout the fields totaled 7.5 million barrels of oil equal (MMboe) and 4.9 MMboe, respectively, in response to the discharge.
EnQuest stated it plans to judge extra Block 12W prospectivity and “deploy its confirmed late-life and FPSO asset administration experience to maximise worth and translate found assets into reserves” on the fields, that are unfold throughout three gasoline discoveries and a number of other extra targets.
The corporate stated it targets extending the manufacturing sharing contract past its present finish date of November 2030.
“Sturdy operational efficiency and the ensuing free money movement” underpin Chim Sáo and Dua’s worth, making them “sturdy anchor belongings” for EnQuest’s entry into Vietnam, the corporate stated. The acquisition“represents one other key step in delivering the Group’s diversified development throughout Southeast Asia and aligns with its strategic intention to develop its working footprint by investing in fast-payback belongings, with low capex and decreased carbon depth,” the corporate added.
EnQuest CEO Amjad Bseisu stated, “Southeast Asia is essential to EnQuest’s development and diversification technique, and we’re excited by the chance to make the most of our confirmed working experience to optimize, improve and lengthen the Block 12W belongings in Vietnam. We’re impressed with the expertise and perspective displayed by our new colleagues as we welcome the Vietnam asset crew into the Group, and we’re dedicated to working with our companions, Bitexco and PetroVietnam Exploration Manufacturing Company Ltd, to discover future value-accretive alternatives throughout the fields”.
Since signing the transaction, Enquest stated its Vietnam asset crew has efficiently accomplished a deliberate annual upkeep shutdown and executed three of six scheduled effectively intervention scopes, which have added roughly 1,200 boepd of gross manufacturing.
Web asset manufacturing within the first half of 2025 averaged 5,700 boepd, “with the potential for additional in-year upside regarding effectively intervention exercise and efficiency and the optimistic impression of a production-enhancing chemical soaking course of undertaken throughout the shutdown,” the corporate stated.
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