LONDON, UK: Harbour Energy 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 $84 million.
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 of Harbour Energy, 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.”