Fossil Energy – Acquisition
EnQuest has signed a Sale and Purchase Agreement to acquire Harbour Energy’s business in Vietnam, which includes the 53.125% equity interest in the Chim Sáo and Dua production fields.
This transaction aligns with the Group’s strategic aim to grow its international operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity.
The transaction has an effective date of 1 January 2024 and is scheduled to complete during the second quarter of 2025.
This fully staffed new country entry expands the Group’s South East Asian footprint beyond Malaysia, where EnQuest recently celebrated ten years of successful operations and was named Operator Of The Year by Petronas in 2024.
EnQuest will operate the Chim Sáo and Dua fields (‘Block 12W’) from completion, deploying its proven late life and FPSO asset management expertise to maximise value and progress discovered resources into reserves.
As at 1 January 2025, net 2P reserves and 2C resources across the fields total 7.5 million boe and 4.9 million boe, respectively. Block 12W production has responded positively to the drilling of three infill wells during 2023 and a series of well interventions undertaken in 2023-2024, with the combined impact of these scopes contributing c. 3.0 MMboe to 2P reserves at 1 January 2025.
