Vietnam conglomerate Bitexco to acquire oil-gas Block 12W for $84 mln

Big Energy JSC under Vietnamese conglomerate Bitexco Group has announced it will acquire a stake in oil-gas Block 12W for $84 million.

London-based Harbour Energy announced the sale of its business in Vietnam to Big Energy on Thursday. The transaction included a 53.125% interest in the block, situated in the Nam Con Son basin off southern Vietnam.

The sale, which is subject to approval by the Vietnamese government and should be completed by end-2023, will result in Harbour Energy exiting Vietnam.

Big Energy is a newly established company, dedicated to the oil and gas business in Vietnam and worldwide. The firm is a subsidiary of Big Capital JSC, the majority of which is owned by Vu Quang Hoi, a prominent businessman in Vietnam.

Hoi is the founder of Bitexco Group of Companies, a leading multidisciplinary private company in Vietnam (Bitexco Group). With respect to the exploration and production (E&P) business in Vietnam, Bitexco Group has been active on offshore acreage for over 10 years.

Harbour Energy’s 53.125% interest in Block 12W, which includes the Chim Sao and Dua oil fields, features a 28.125% operated interest held through Premier Oil Vietnam Offshore BV and a 25% interest held through Premier Oil (Vietnam) Ltd.

The two fields are expected to produce 4,000 barrels of oil equivalent per day net for Harbour Energy during 2023.

“We are pleased to have reached an 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,” said Harbour Energy CEO Linda Z Cook.