Harbour Energy exits Vietnam with $84 million sale of offshore assets

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Harbour Energy has entered into Sale and Purchase Agreements to sell its business in Vietnam, which includes its 53.125% interest in the Chim Sao and Dua producing offshore fields, to Big Energy Joint Stock Company for a consideration of $84 million. The divestment results in a country exit from Vietnam for Harbour.

The assets being sold include Harbour’s 53.12% stake in the Block 12W oil and gas exploration licence. Credit: David Mark/Pixabay.

Harbour’s 53.125 per cent interest in Block 12W, which contains the Chim Sao and Dua fields, is made up of a 28.125% operated interest held through Premier Oil Vietnam Offshore BV and a 25% interest held through Premier Oil (Vietnam) Ltd.

The Chim Sao and Dua oil fields are expected to produce 4 Kboed net to Harbour’s 53.125% share during 2023.

Big Energy, which is part of the Big Capital JSC group, is a newly established, dedicated oil and gas business in Vietnam and has been active as Bitexco Group in upstream activities offshore Vietnam for over ten years.

Linda Z Cook, Chief Executive Officer, commented, “While Vietnam does not form a core part of our growth strategy going forward, we are proud of the quality of the business we have built, both in terms of the organization and assets, since our country entry in 2004.”