EnQuest Expands Its Reach with Vietnam Acquisition

EnQuest is acquiring Harbour Energy's operations in Vietnam, involving a 53.125% stake in the Chim Sao and Dua fields. The deal's total value is $84 million, with EnQuest expected to pay approximately $35 million upon completion.

In a significant business maneuver, EnQuest announced its expansion into Vietnam by acquiring Harbour Energy's assets, which include a majority stake in two key production fields, Chim Sao and Dua. This move underscores EnQuest's strategic growth plans in Asia.

The financial elements of the transaction reveal a headline value set at $84 million. However, EnQuest anticipates the actual payment at the conclusion of the deal to be around $35 million, a figure indicative of potential adjustments and conditions.

This acquisition aligns with EnQuest's broader ambition to enhance its portfolio and strengthen its position in the energy sector, particularly within the promising Vietnamese market.

(With inputs from agencies.)