London-listed energy company EnQuest has broadened its oil and gas portfolio by acquiring Harbour Energy’s Vietnam operations, which include three producing oil and gas fields. This transaction marks Harbour Energy’s exit from Vietnam as it continues to strategically optimize its asset portfolio to align capital and resources with its broader business goals.
EnQuest sees considerable potential in Vietnam, particularly given the surge in deepwater exploration activity in the hydrocarbon-rich South China Sea. This region is witnessing growing development projects aimed at replacing output from aging offshore fields. With established reserves totaling 4.4 billion barrels of oil equivalent (boe), Vietnam remains a promising frontier for further oil and gas exploitation.
Vietnam’s ongoing investments in critical infrastructure—such as offshore drilling rigs, pipelines, refineries, and storage facilities—are viewed by EnQuest as essential to boosting production capacity and enhancing the country’s energy security. The British company underscores the importance of these facilities for sustained growth in Vietnam’s energy sector.
The acquisition aligns with EnQuest’s strategy of acquiring late-life producing assets, especially as existing operators approach the end of their production sharing contracts (PSCs). As part of the deal, EnQuest has secured a 53.125% equity stake and operatorship of the Chim Sáo and Dua production fields located in Block 12W.
As of January 1, 2025, EnQuest reported net 2P reserves and 2C contingent resources across these fields of 7.5 million boe and 4.9 million boe, respectively. The deal’s completion establishes EnQuest as operator, marking a significant milestone in the company’s ambition to diversify and grow its footprint across Southeast Asia.
Amjad Bseisu, EnQuest’s CEO, commented on the acquisition:
“South East Asia is central to EnQuest’s growth and diversification plans. We are excited to apply our operational expertise to optimize, enhance, and extend the life of the Block 12W assets in Vietnam. We have been impressed by the professionalism and commitment of our new Vietnam-based colleagues and look forward to collaborating with partners Bitexco and PetroVietnam Exploration Production Corporation Ltd to identify further value-accretive opportunities within these fields.”
Strategic Growth and Transaction Details
The acquisition supports EnQuest’s objective to expand through investments in fast-payback assets characterized by low capital expenditure and reduced carbon intensity. Although the headline transaction value stands at $85.1 million (net of interim cash flows generated since January 1, 2024), EnQuest’s actual consideration paid was approximately $25.7 million.
The deal involved EnQuest purchasing a 28.125% equity interest from Premier Oil Vietnam Offshore (POVO) and a 25% stake from Premier Oil Vietnam Limited (POVL). Consequently, EnQuest assumes operatorship, while joint venture partners Bitexco and PetroVietnam Exploration Production Corporation hold 31.875% and 15% stakes, respectively.
EnQuest plans to evaluate further prospectivity within Block 12W, leveraging its expertise in late-life asset and Floating Production Storage and Offloading (FPSO) management to unlock additional value. The firm aims to convert discovered resources into reserves and extend PSCs beyond their current expiration in November 2030. The fields encompass three gas discoveries alongside several additional exploration targets.
Operationally, the Vietnam asset team recently completed a scheduled annual maintenance shutdown on time and within budget. They have also performed three of six planned well interventions, which have collectively added 1,200 barrels of oil equivalent per day (boepd) of gross production since the signing of the deal. EnQuest reported net production averaged 5,700 boepd in the first half of 2025, with prospects for further growth during the year.
About Block 12W
Block 12W, situated in the Nam Con Son Basin approximately 400 kilometers southwest of Vung Tau, Vietnam, consists of three producing fields: Chim Sáo, Chim Sáo North West (CSNW), and Dua. The first discovery in the block was made in 2006, with oil production commencing in October 2011.
The Chim Sáo and CSNW fields are operated through a single wellhead platform. Oil is exported via the FPSO Lewek Emas, while gas is transported by pipeline to Vung Tau near Ho Chi Minh City.
Related topics:
