EnQuest acquires Harbour Energy’s Vietnam business
EnQuest completed the acquisition of Harbour Energy’s business in Vietnam, which holds a 53.125% equity interest in (and operatorship of) the Chim Sáo and Dua production fields (Block 12W). The value of the transaction is $85.1 million and, net of interim period cash flows, the consideration paid by EnQuest was approximately $25.7 million.
As of 1 January 2025, net 2P reserves and 2C resources across the fields totaled 7.5 million barrels of oil equivalent (boe) and 4.9 million boe, respectively. EnQuest intends to assess the additional prospects of Block 12W and translate discovered resources into reserves at the fields across three gas discoveries and several additional targets, with a view to extending the Production Sharing Contract beyond its current end date of November 2030.
Since signing the transaction, the Vietnam asset team has completed a planned annual maintenance shutdown and executed three of six scheduled well intervention scopes, which have added approximately 1,200 boe/day of gross production. Net asset production in H1 2025 averaged 5,700 boe/day, with the potential for further in-year upside relating to well intervention activity and performance and the positive impact of a production-enhancing chemical soaking process undertaken during the shutdown.
