Latest news with #AmjadBseisu
Yahoo
10-07-2025
- Business
- Yahoo
EnQuest completes acquisition of Harbour Energy's Vietnam business
UK-based oil explorer EnQuest has acquired Harbour Energy's business in Vietnam, marking a significant expansion of its operations in Southeast Asia. The deal includes a 53.12% equity interest and operatorship of the Chim Sáo and Dua production fields in Block 12W. This move is in line with EnQuest's strategy to invest in assets with fast payback, low capital expenditure, and reduced carbon intensity. The transaction's headline value stands at $85.1m, with EnQuest's actual payment adjusted to approximately $25.7m after accounting for cash flows since the effective date of 1 January 2024. The sale and purchase agreement for this acquisition was signed earlier in the year. The net 2P reserves and 2C resources in the fields, as of 1 January 2025, are estimated at 7.5 million barrels of oil equivalent (mboe) and 4.9mboe, respectively. EnQuest plans to further explore Block 12W's potential and apply its expertise in managing late-life assets and floating production storage and offloading (FPSO) units to enhance the fields' value. The company aims to convert discovered resources into reserves and extend the production sharing contract (PSC), which currently expires in November 2030. EnQuest's Vietnam asset team has efficiently completed an annual maintenance shutdown and executed three of six planned well interventions, adding roughly 1,200 barrels of oil equivalent per day (boepd) to the gross production since signing the contract. The first half of 2025 saw an average net asset production of 5,700boepd, with expectations for additional production gains from ongoing well interventions and a production-enhancing chemical process used during the shutdown. The strong operational performance and the resulting free cash flow from the Chim Sáo and Dua fields provide a solid foundation for EnQuest's venture in Vietnam, the company said. EnQuest CEO Amjad Bseisu said: 'Southeast Asia is key to EnQuest's growth and diversification strategy, and we are excited by the opportunity to utilise our proven operating expertise to optimise, enhance and extend the Block 12W assets in Vietnam. 'We are impressed with the talent and attitude displayed by our new colleagues as we welcome the Vietnam asset team into the Group, and we are committed to working with our partners, Bitexco and PetroVietnam Exploration Production, to explore future value-accretive opportunities within the fields.' "EnQuest completes acquisition of Harbour Energy's Vietnam business" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
23-06-2025
- Business
- Yahoo
EnQuest nears completion of Vietnam oilfield acquisition
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
New Straits Times
22-06-2025
- Business
- New Straits Times
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)
Reuters
21-06-2025
- Business
- Reuters
EnQuest to finalise $84 million Vietnam oilfield acquisition soon, CEO says
SINGAPORE, June 21 (Reuters) - UK explorer EnQuest (ENQ.L), opens new tab expects to complete the acquisition of Harbour Energy's (HBR.L), opens new tab 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 $84 million acquisition is part of the North Sea-focused company's expansion outside its home market. EnQuest will acquire just over a 53% 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 (BP.L), opens new tab 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.
CNBC
17-06-2025
- Business
- CNBC
This is the year of volatility: EnQuest CEO
EnQuest CEO Amjad Bseisu joins CNBC's JP Ong at the Energy Asia conference to discuss recent crude price volatility and market supply.
