Harbour Energy today announces that it has entered into Sale and Purchase Agreements to sell its business in Vietnam, which includes its 53.125 per cent interest in the Chim Sao and Dua producing fields, to Big Energy Joint Stock Company for a consideration of $84M. The transaction, which is subject to government approvals, has an effective date of 1 January 2023. Completion is targeted by year end 2023. The divestment results in a country exit from Vietnam for Harbour.
Linda Z Cook, Chief Executive Officer, commented:
“We are pleased to have reached agreement to sell our business in Vietnam to Big Energy – a growing, local oil and gas player – as we continue to actively manage our portfolio. 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 organisation and assets, since our country entry in 2004. I would like to thank our Vietnam colleagues for their hard work over the years and wish them all the best for the future.”
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 per cent operated interest held through Premier Oil Vietnam Offshore BV and a 25 per cent interest held through Premier Oil (Vietnam) Ltd.
The Chim Sao and Dua oil fields are expected to produce c.4 kboepd net to Harbour’s 53.125 per cent 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.
Jefferies is acting as the sole financial advisor to Harbour on the transaction.