Harbour Energy sells Vietnam business to Big Energy

Harbour Energy PLC has agreed to sell its business in Vietnam to Big Energy Joint Stock Company for $84 million.

Big Energy signed agreements with Premier Oil Group Ltd. and Premier Oil Overseas BV, wholly owned subsidiary companies of Harbour Energy, to acquire operator right and all of the shares of Premier Oil Vietnam Offshore BV (POVO) and Premier Oil (Vietnam) Ltd. (POVL).

Harbour's 53.125% interest in Block 12W of the Nam Con Son basin, which lies about 350 km offshore southern Vietnam and contains Chim Sao and Dua producing fields, is made up of a 28.125% operated interest held through Premier Oil Vietnam Offshore BV and a 25% interest held through Premier Oil (Vietnam) Ltd.

The Chim Sao and Dua oil fields are expected to produce about 4,000 boe/d net to Harbour’s share during 2023. Chim Sao, which lies in 115 m of water, produces from the Middle Dua formation. Premier made the discovery with the Blackbird 2E-CS-1X well on a tilted fault block 21 km southwest of Dua oil field, a subsea development tied back to Chim Sao (OGJ Online, Oct. 10, 2011; July 11, 2014).

Big Energy, part of the Big Capital JSC group, is a newly established, oil and gas business in Vietnam and has been active as Bitexco Group in upstream activities offshore Vietnam for over 10 years. In December 2022, Bitexco Energy Co. Ltd., a wholly-owned subsidiary of Bitexco Group, agreed to acquire from Ophir Jaguar 2 Ltd., a wholly-owned subsidiary of PT Medco Energi Internasional Tbk, all of the shares of Ophir Vietnam Block 12W BV, which held a 31.875% interest in the oil and gas exploitation contract for Block 12W.

The sale, which is subject to government approvals, is expected to close by year-end 2023. The divestment results in a country exit from Vietnam for Harbour.