EnQuest to buy Petronas Malaysia assets in $833 million deal
British oil producer EnQuest is widening its Southeast Asian footprint with an agreement to acquire interests in four offshore contracts in Malaysia for up to $833 million. The transaction comes as the company seeks to diversify beyond the North Sea while UK energy profit levies add pressure on producer competitiveness.
Highlights
- EnQuest will acquire Petronas Malaysia assets in an $833 million deal structured as a reverse takeover, maintaining its London listing.
- EnQuest expects the acquisition to raise total production to about 100,000 barrels of oil equivalent per day, a 13% increase over 2025 levels.
- EnQuest shares surged over 21% to 23.2 pence after announcing the transaction and strategic portfolio expansion amid North Sea pressures.
Malaysia acquisition structure and funding
As reported by Reuters, EnQuest says its Malaysian unit has entered three farm-out agreements with Petronas unit Carigali and E&P Malaysia for participating interests in four production sharing projects offshore Malaysia.The acquisition is being structured as a reverse takeover under British rules because of the size of the assets involved, while EnQuest is maintaining its London listing and operations. The company plans to fund the transaction through existing debt facilities and cash on hand, and expects the deal to conclude by the end of the year.
Chief Executive Amjad Bseisu says the agreement reflects EnQuest's focus on building a larger and more diversified portfolio while maintaining discipline on opportunities that improve value, cash generation and long-term shareholder returns.
Production growth and market response
With the additional Malaysian assets, EnQuest expects production of about 100,000 barrels of oil equivalent per day, which is 13% above 2025 levels.The expansion adds to EnQuest's existing operations in the UK's North Sea, Malaysia and Vietnam, and underlines a broader strategic shift as energy companies respond to tax and competitiveness pressures in the North Sea. EnQuest shares rise more than 21% to 23.2 pence in early trade.
Our earlier report on BP’s leadership upheaval detailed how the company faced renewed investor scrutiny after the board dismissed Chairman Albert Manifold over governance concerns and confirmed that executive William Lin will depart later this year. We noted that activists and some shareholders questioned the board’s oversight and chair selection during BP’s strategic reset back toward core oil and gas, even as others argued operational execution and asset strength matter more than near-term personnel disruption.
Latest DGSFP News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
