Oil rig of EnQuest offshore Malaysia. (Source: EnQuest)

The deal, valued at 84 million USD, will see EnQuest make a net payment of 35 million USD upon completion. This acquisition extends EnQuest’s presence in Southeast Asia beyond its existing market in Malaysia.

The agreement includes a 53.125% stake in Chim Sao and Dua oil fields offshore Vietnam and is expected to be finalised by the second quarter of this year.

Headquartered in the UK, EnQuest focuses on energy transition initiatives, emphasising energy security and decarbonisation.

The company specialises in mature and underdeveloped assets in the UK and Malaysia, aiming to drive organic growth by optimising production and maximising internal revenue.