UK Oil Producer EnQuest to Acquire Malaysian Offshore Assets for Up to $833 Million
UK oil producer EnQuest has agreed to acquire interests in four offshore contract-sharing projects in Malaysia from state-run Petronas for up to $833 million. The deal, structured as a reverse takeover under British rules, comes as EnQuest seeks to diversify away from the UK North Sea amid Britain's energy profit levies. The acquisition is expected to boost EnQuest's production by around 13 percent to approximately 100,000 barrels of oil equivalent per day.
EnQuest, a North Sea-focused British oil producer, announced on Wednesday an agreement to purchase participating interests in four offshore contracts in Malaysia from Petronas units Carigali and E&P Malaysia for up to $833 million. The transaction will be structured as a reverse takeover under UK listing rules due to the scale of the assets, though EnQuest will retain its London listing and existing operations. EnQuest plans to finance the deal using existing debt facilities and available cash, with completion expected by the end of 2025. The move is part of a broader strategy to diversify the company's portfolio beyond the UK North Sea, where operators have faced mounting pressure from British levies on energy profits. Following the addition of the Malaysian assets, EnQuest expects group production to reach around 100,000 barrels of oil equivalent per day, up approximately 13 percent from 2025 levels. EnQuest CEO Amjad Bseisu described the deal as reflecting the company's focus on building a larger, more diversified portfolio while enhancing shareholder value and cash generation. Shares of EnQuest rose more than 21 percent in early trading following the announcement.
What's missing
The specific breakdown of participating interest percentages EnQuest will hold in each of the four contract-sharing projects is not detailed, nor is the remaining productive life or reserve estimates for the acquired assets.
What different sources said
- Channel NewsAsiaCenter
UK's EnQuest expands Malaysian presence with $833 million assets deal
- Yahoo FinanceCenter
EnQuest Bets $833 Million on Malaysia's Offshore Oil
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