Finance
UK's EnQuest to buy Harbour Energy's Vietnam assets
Published by Global Banking & Finance Review®
Posted on January 22, 2025
2 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 22, 2025
2 min readLast updated: January 27, 2026
EnQuest is acquiring Harbour Energy's Vietnam assets for $84M, including a 53% stake in key production fields, to expand beyond the UK.
By Arunima Kumar
(Reuters) - British energy group EnQuest is to acquire Harbour Energy's business in Vietnam, it said on Wednesday, as the North Sea-focused company moves to expand further outside its home market in response to higher UK taxes.
The deal is valued at $84 million including debt, and EnQuest said it expects to pay a net $35 million on completion.
It will acquire just over a 53% equity interest in the Chim Sao and Dua production fields, with the transaction due to complete in the second quarter of this year.
North Sea producers have said a UK windfall tax on the industry introduced following the spike in energy prices in 2022 could deter investment in the aging oil and gas basin.
Some companies have sold assets, while others have merged operations and sought to diversify to other regions.
Last year EnQuest CEO Amjad Bseisu said the company was looking at opportunities in Southeast Asia, where he said "the return on capital investment is compelling". The group already has operations in Malaysia.
In Britain, he said he was disappointed with the ongoing application of the windfall tax, "despite operating in an environment where no windfall conditions exist".
"This agreement underlines our commitment to growth, a disciplined approach to M&A, and deploying capital where we see the most favourable returns," Bseisu added in a statement.
(Reporting by Arunima Kumar in Bengaluru; Editing by Savio D'Souza, Varun H K and Jan Harvey)
The main topic is EnQuest's acquisition of Harbour Energy's Vietnam assets to expand its operations outside the UK.
EnQuest is expanding to Vietnam due to high UK taxes and seeking better returns on capital investment in Southeast Asia.
The acquisition includes a 53% equity interest in the Chim Sao and Dua production fields.
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