EnQuest to finalise US$84 million Vietnam oilfield acquisition soon
SINGAPORE: UK explorer EnQuest expects to complete the acquisition of Harbour Energy's business in Vietnam in the next month or two and plans to drill new wells to increase oil production there, CEO Amjad Bseisu said.
The US$84 million acquisition is part of the North Sea-focused company's expansion outside its home market.
EnQuest will acquire just over a 53 per cent equity interest in the Chim Sao and Dua production fields in Vietnam.
"We were excited about the asset there as we see development opportunities, and we also see some in-fill opportunities," Bseisu told Reuters earlier this week.
"So we'll be looking, once we take over, to investing in the field and trying to increase its productivity."
In offshore Peninsular Malaysia, the company is on track to start producing non-associated gas from the Seligi field next year, Bseisu said.
Daily gas production will be increased from 14,000-15,000 barrels of oil equivalent to 25,000 boe, he added.
The company, along with energy majors, is investing in gas exploration and production in Southeast Asia to meet rising power demand from growing populations and a proliferation of data centres in the region.
"Asia is our biggest growth engine now for gas," Bseisu said.
In Indonesia, EnQuest is part of a consortium awarded in April the production and sharing for Gaea and Gaea II blocks, which are near the BP-operated Tangguh LNG plant.
Bseisu said EnQuest's strategy in Indonesia is to try and find gas close to existing plants.
He added that domestic gas production is more attractive than liquefied natural gas (LNG) for governments as it creates revenue, jobs and expands the industry. (Reporting by Florence Tan; Editing by Jacqueline Wong)
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