EnQuest to finalise $84m Vietnam oilfield acquisition soon, CEO says.

UK explorer EnQuest Company’s CEO Amjad Bseisu has reiterated that acquisition of Harbour Energy’s business in Vietnam is expected to be completed in the next month or two, and plans to drill new wells to increase oil production there would commence thereafter. The $84 million acquisition is part of the North Sea-focused company’s expansion outside its home market.

Again, 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 Reporters earlier this week.

“So, we’ll be looking, once we take over, to invest in the field while 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 for governments as it creates revenue, jobs and expands the industry.

Most importantly, in the month of April, 2025, Indonesia had awarded five oil and gas blocks to companies, as it attempts to replenish its oil and gas reserves and improve its energy security. Over the coming years, the government plans to offer nearly 60 oil and gas blocks to try to reverse a decade-long decline in output.

Indonesia awarded both the Gaea and Gaea II blocks in West Papua to a consortium comprising eight companies, including Enquest Petroleum Production Malaysia, BP Exploration Indonesia, and CNOOC Southeast Asia.

As per Indonesian government, Gaea has estimated resources of 9.6 billion barrels of oil or 71.8 trillion cubic feet of gas, while Gaea II has estimated resources of 8.5 billion barrels of oil or 35.1 trillion cubic feet of gas, Tri said.

The government also awarded the Binaiya block in offshore Maluku, which has 6.7 billion barrels of oil and 15 tcf. of gas potential, to state explorer Pertamina Hulu Energy, and Malaysia’s Petronas unit PC North Mandura II and Korea’s SK Earthon Company.

PC North Madura II and SK Earthon, together with Japan’s INPEX Corporation, were also awarded the Sepang block offshore East Java.

The Kojo block in Makassar Strait was awarded to Armada Etan.

Once a significant oil producer and a member of the Organisation of the Petroleum Exporting Countries, Indonesia has grown increasingly reliant on imported energy. It has offered to increase energy imports from the United States as part of negotiations on tariffs.

Team Maverick