British energy company EnQuest announced on January 22 its acquisition of Harbor Energy’s operations in Vietnam as part of its strategy to expand globally, according to a report from the Vietnam News Agency.

The deal, valued at $84 million, will see EnQuest make a net payment of $35 million upon completion. This acquisition extends EnQuest’s presence in Southeast Asia beyond its existing market in Malaysia.

The agreement includes a 53.125% stake in Chim Sao and Dua oil fields offshore Vietnam and is expected to be finalized by the second quarter of this year.

Headquartered in the UK, EnQuest focuses on energy transition initiatives, emphasizing energy security and decarbonisation.