UK-based energy company EnQuest is poised to finalise its US$84 million acquisition of Harbour Energy’s Vietnam business within the coming one to two months. The deal, which involves acquiring a majority stake of just over 53 per cent in the Chim Sao and Dua oilfields, marks a strategic step in EnQuest’s expansion beyond its core North Sea operations.
Speaking to Reuters, Chief Executive Officer Amjad Bseisu highlighted the growth potential of the Vietnamese assets. “We were excited about the asset there as we see development opportunities, and we also see some in-fill opportunities,” Bseisu said. “So we’ll be looking, once we take over, to investing in the field and trying to increase its productivity.”
In parallel, EnQuest is progressing with its offshore operations in Peninsular Malaysia, where it is on track to commence production of non-associated gas from the Seligi field in 2026. The company aims to boost daily output from the current 14,000–15,000 barrels of oil equivalent (boe) to 25,000 boe.
The move is part of a broader regional strategy, as EnQuest joins other energy majors in investing in Southeast Asia to meet escalating energy demand, driven by population growth and the increasing energy requirements of data centres.
“Asia is our biggest growth engine now for gas,” Bseisu commented.
In Indonesia, EnQuest forms part of a consortium that secured a production-sharing contract in April for the Gaea and Gaea II blocks. These assets are located near BP’s Tangguh LNG plant. EnQuest’s strategy in the region focuses on identifying gas reserves in proximity to existing infrastructure.
Bseisu noted that governments in the region are showing a preference for domestic gas production over liquefied natural gas (LNG), citing the economic benefits it brings through revenue generation, job creation, and broader industry development.
-Reuters
