Harbour Vitality has exited Vietnam with the sale of its enterprise within the nation to Huge Vitality Joint Inventory Firm, for a consideration of $84 million.
Harbour mentioned it has entered into sale and buy agreements to promote its enterprise in Vietnam, which features a 53.125 p.c curiosity within the Chim Sao and Dua producing fields.
The transaction, which is topic to authorities approvals, has an efficient date of January 1, 2023. Harbour Vitality mentioned that the completion of the divestment is focused by yr finish 2023.
“We’re happy to have reached settlement to promote our enterprise in Vietnam to Huge Vitality – a rising, native oil and fuel participant – as we proceed to actively handle our portfolio,” Linda Z. Prepare dinner, the corporate’s CEO, mentioned.
“Whereas Vietnam doesn’t kind a core a part of our development technique going ahead, we’re happy with the standard of the enterprise we’ve got constructed, each when it comes to the group and belongings, since our nation entry in 2004. I wish to thank our Vietnam colleagues for his or her onerous work through the years and want all of them the most effective for the long run,” Prepare dinner added.
The Vietnam exit comes just a few days after the corporate’s Viking Co2 and Acorn CCS initiatives had been each awarded Observe 2 standing, as a part of the UK Authorities’s CCS cluster sequencing course of.
The award marked an necessary milestone for the 2 initiatives, permitting them to maneuver into entrance finish engineering and design (FEED) and discussions with the federal government over the phrases of the financial licenses, forward of ultimate funding choices, Harbour Vitality outlined in an announcement posted on its website final month.
Viking has the potential to move and retailer as much as 10 million tons of CO2 yearly by 2030 and 15 million tons of CO2 yearly by 2035 with independently verified storage capability of 300 million tons of CO2 throughout the depleted Viking fuel fields, Harbour Vitality mentioned.
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