UK's Harbour Energy sells Vietnamese assets

London-listed independent oil and gas company, Harbour Energy, on August 10 announced the successful sale of its business operations in Vietnam to local firm Big Energy for a sum of $84mn. This deal encompasses Harbour's 53.125% stake in the Chim Sao and Dua fields.

The completion of this transaction is contingent upon securing the requisite government approvals. With the effective date set at January 1, 2023, both companies are actively working towards a targeted completion before the close of this calendar year, Harbour said.

Linda Z Cook, the CEO of Harbour Energy, said, “This transaction aligns with our forward-looking growth strategy as we continue to actively manage our portfolio. Although Vietnam may not precisely align with our core growth objectives, we take immense pride in the caliber of the business we've cultivated since our entry into the country in 2004.”

Notably, Harbour Energy's 53.125% interest in Block 12W, which encompasses the productive Chim Sao and Dua fields, is composed of a 28.125% operated interest held through Premier Oil Vietnam Offshore and an additional 25% interest held through Premier Oil (Vietnam).