UK-based oil explorer EnQuest is nearing the completion of its $84m (£62.51m) acquisition of Harbour Energy's assets in Vietnam, with the transaction expected to be finalised within the next one to two months.

The deal will see EnQuest acquire a 53% equity interest in the Chim Sao and Dua oil production fields in Vietnam, marking a significant expansion of the company's operations beyond its traditional North Sea base.

EnQuest CEO Amjad Bseisu told Reuters: "We were excited about the asset there as we see development opportunities, and we also see some in-fill opportunities.

"So we will be looking, once we take over, to investing in the field and trying to increase its productivity."

In addition to its Vietnam venture, EnQuest is making strides in South East Asia with its involvement in the Seligi field offshore Peninsular Malaysia.

Gas production from this field is anticipated to commence next year, with output projected to rise from 14,000–15,000 barrels of oil equivalent per day (boepd) to 25,000boepd.

EnQuest is actively investing in gas exploration and production in the region, in collaboration with other energy majors, to cater to the surging power demand driven by population growth and the increasing number of data centres.

Bseisu stated: "Asia is our biggest growth engine now for gas."

Furthermore, in Indonesia, EnQuest is part of a consortium that was awarded the production and sharing contracts for the Gaea and Gaea II blocks in April. These blocks are strategically located near BP's Tangguh LNG plant.

Bseisu emphasised EnQuest's strategy in Indonesia, which focuses on discovering gas reserves in proximity to existing infrastructure.

He also pointed out that domestic gas production is favoured by governments over liquefied natural gas (LNG) due to the benefits of revenue generation, job creation and industry expansion.

EnQuest recently initiated a digital transformation by implementing Fennex’s AI-powered Behaviour-Based Safety System across its UK assets.

"EnQuest nears completion of Vietnam oilfield acquisition" was originally created and published by Offshore Technology, a GlobalData owned brand.

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