VICTORIA, England — Harbour Energy has entered into sale and purchase agreements to sell its business in Vietnam, which includes its 53.125% interest in the offshore Chim Sao and Dua producing fields, to Big Energy Joint Stock Co. for a consideration of $84 million.
The transaction, which is subject to government approvals, has an effective date of Jan. 1, 2023. Completion is targeted by year-end 2023. The divestment results in a country exit from Vietnam for Harbour.
Harbour's Chim Sao and Dua fields in Vietnam averaged 4 kboe/d in 2022. This reflected natural decline from the existing well stock partially offset by a full year's contribution from the fields and ongoing well intervention activity, the company said. In addition, production was impacted by the delayed arrival of the rig to drill two infill wells and to side-track an existing production well, which resulted in the wells coming onstream in 2023 rather than in the second half of 2022 as originally premised.
The Chim Sáo oil field was discovered in 2006, and first oil was achieved in 2011. Oil production is exported via an FPSO vessel, and gas is exported by pipeline to Vung Tau near Ho Chi Minh City.
The Dua oil and gas field was subsequently developed as a subsea tie-back to Chim Sáo with first production achieved in July 2014.