EnQuest enters Vietnam with Harbour Energy asset acquisition

EnQuest PLC is outlining prospective work on newly acquired assets offshore Vietnam and aims to extend the production sharing contract beyond its current end date of November 2030.

The company closed on an $85.1-million deal to acquire Harbour Energy’s business in Vietnam, which held an operated 53.125% equity interest in Chim Sáo and Dua production fields (Block 12W). The deal was signed in January 2025.

EnQuest said it intends to assess additional Block 12W prospectivity and deploy its late-life and FPSO asset management expertise “to maximize value and translate discovered resources into reserves at the fields (spread across three gas discoveries and several additional targets),” the company said in a release July 10.

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 EnQuest said have added about 1,200 boe/d of gross production.

Net asset production in first-half 2025 averaged 5,700 boe/d, with the potential for further in-year upside relating to well intervention activity and performance and the impact of a production-enhancing chemical soaking process undertaken during the shutdown, the company said. 

EnQuest chief executive officer, Amjad Bseisu, said Southeast Asia is “key to EnQuest’s growth and diversification strategy,” and that the company is committed to working with partners Bitexco and PetroVietnam Exploration Production Corp. Ltd., to explore future opportunities within the fields.

Completion of the deal marks Harbour Energy’s exit from Vietnam.