Harbour Energy PLC has announced that it has entered into Sale and Purchase Agreements to sell its business in Vietnam, including its 53.125% interest in the Chim Sao and Dua producing fields, to Big Energy Joint Stock Company for $84 million. The transaction is subject to government approvals and has an effective date of 1 January 2023, with completion targeted by the end of 2023. This divestment marks Harbour's exit from Vietnam.
Linda Z Cook, CEO of Harbour Energy, expressed satisfaction with the agreement, stating, "We are pleased to have reached an 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." Cook also acknowledged the efforts of Harbour's Vietnam colleagues and wished them well for the future.
Harbour's 53.125% interest in Block 12W, which includes the Chim Sao and Dua fields, is divided into 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 approximately 4,000 barrels of oil equivalent per day (boepd) net to Harbour's share in 2023.
Big Energy, a part of the Big Capital JSC group, is a newly established oil and gas business in Vietnam. It has been involved in upstream activities offshore Vietnam for over ten years under the name Bitexco Group.