
Strategic expansion beyond North Sea with majority stake in Chim Sao and Dua fields
UK energy group EnQuest is preparing to complete the acquisition of a 53 percent interest in the Chim Sao and Dua oil production fields off the coast of Vietnam in the coming weeks, a move expected to close a deal valued at $84 million.
The company, already active in Malaysia, plans to increase production through new well drilling and also targets non-associated gas production offshore Peninsular Malaysia next year, aiming for significant output growth in Southeast Asia.
This acquisition, aligned with EnQuest’s strategy to invest in low-capex, fast-payback assets, is set to cement its position as a growing regional player in the oil and gas sector.
The deal forms part of a broader push into Asia, where rising power demand is driving investment across the sector.
It is expected to close in the second quarter of 2025.
The company, already active in Malaysia, plans to increase production through new well drilling and also targets non-associated gas production offshore Peninsular Malaysia next year, aiming for significant output growth in Southeast Asia.
This acquisition, aligned with EnQuest’s strategy to invest in low-capex, fast-payback assets, is set to cement its position as a growing regional player in the oil and gas sector.
The deal forms part of a broader push into Asia, where rising power demand is driving investment across the sector.
It is expected to close in the second quarter of 2025.