(Alliance News) - Harbour Energy PLC on Thursday said that it has entered sale and purchase agreements to sell its business in Vietnam to Big Energy Joint Stock Company.
Harbour is an oil and gas company with interests in Indonesia, Vietnam, Mexico and Norway. Its 53% interest in block 12W, Vietnam - which contains the Chim Sao and Dua fields - is made up of a 28% operated interest held through Premier Oil Vietnam Offshore BV, and a 25% interest held through Premier Oil (Vietnam) Ltd.
Harbour has agreed to sell its interest in the fields to Big Energy for a consideration of USD84 million.
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.
The transaction has an effective date of January 1, 2023, with completion targeted by the year's end.
"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," said Chief Executive Officer Linda Cook.
Harbour Energy shares were trading 0.8% lower at 263.70 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News reporter
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Harbour Energy (HBR)