EnQuest CEO: EnQuest will finalise its $84 million Vietnam oilfield purchase soon

Amjad Bseisu, CEO of UK-based EnQuest, said that the company expects to acquire Harbour Energy's Vietnam business within the next two months and will drill new wells in order to increase production.

The North Sea-focused firm's expansion beyond its home market is part of this $84 million purchase.

EnQuest is acquiring a little over 53% of the Chim Sao & Dua production fields located in Vietnam.

Bseisu said earlier this week that he was excited about the asset because he saw development and infill opportunities.

Once we take control, we will invest in the field to try to increase its productivity.

Bseisu stated that the company will begin producing non-associated natural gas in the Seligi field offshore Peninsular Malaysia next year.

He added that the daily gas production would be increased to 14,000-15,000 barrels equivalent to 25,000 BOE.

Along with other energy companies, the company is investing in gas production and exploration in Southeast Asia in order to meet the rising demand for power from a growing population and data centres that are proliferating in this region.

Bseisu stated that Asia is now our largest growth engine for gas.

EnQuest Indonesia is a member of a consortium that was awarded the production and share for the Gaea II and Gaea I blocks in April. These blocks are located near the BP operated Tangguh LNG facility.

Bseisu stated that EnQuest Indonesia's strategy is to find gas near existing plants.

He said that the domestic production of gas is more attractive to governments than LNG because it creates jobs, revenue and expands industry. (Reporting and editing by Jacqueline Wong; Florence Tan)

(source: Reuters)