Harbour Energy (LON: HBR) has reached an agreement to offload its business in Vietnam to local counterpart Big Energy Joint Stock Company.
Worth around £65 million, the deal includes the London-listed oil and gas company’s 53.125% interest in the Chim Sao and Dua producing fields.
The transaction is subject to government approval, with an effective date of January 1, 2023.
Completion of the deal is targeted by year end 2023, and will mark Harbour’s country exit from Vietnam.
Linda Cook, chief executive of Harbour, said: “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.”
Harbour, the North Sea’s biggest oil and gas producer, was reported in June to be in merger talks with US group Talos Energy (NYSE: TALO).
Earlier this year the company announced a swathe of redundancies, including at its Aberdeen office, blaming the impact of the UK Government’s sector windfall tax.
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