EnQuest makes $833 million play to expand its Southeast Asian oil & gas arsenal

June 11, 2026, by Melisa Cavcic

EnQuest Petroleum Production Malaysia, a wholly owned subsidiary of London Stock Exchange-listed energy firm EnQuest, has set the wheels in motion to enlarge its oil and gas footprint in Southeast Asia through a proposed acquisition of interests in four production sharing contracts (PSCs) off the coast of Malaysia.

An offshore platform — Illustration; Source: EnQuest

EnQuest has agreed to acquire three separate packages that include stakes in four offshore production sharing contracts in Malaysia by entering into three separate farm‑out agreements (FOAs) with Petronas Carigali and E&P Malaysia Venture (EPMV).

The maximum total consideration for the proposed acquisitions is $833 million, of which $554 million is payable upon completion, expected on December 31, 2026, subject to customary completion conditions, including inter alia the waiver or expiry of applicable pre-emption rights associated with Package 2.

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This move gives existing PSC partners the right to match the proposed terms and utilize their pre-emption rights. If these acquisitions complete, they will constitute a reverse takeover for the purposes of the UK Listing Rules (UKLRs) of the Financial Conduct Authority (FCA).

In addition, the acquisition of Package 1 alone, regardless of whether Package 2 or 3 complete, constitutes a reverse takeover under the UKLRs. Should the acquisition of Package 1 not complete, the acquisition of Package 2, either alone or together with Package 3, would not constitute a reverse takeover under the UKLRs.

EnQuest’s strategic focus is to expand its production footprint in the region. In light of this, the proposed acquisitions will deliver a step change in the firm’s production, reserves and cash flow, as well as provide significant organic opportunities for future growth.

Amjad Bseisu, Chief Executive Officer, EnQuest, commented: “With these proposed acquisitions, we are taking a decisive step in the evolution of our business. It reflects our clear focus on building a larger, more diversified portfolio, while maintaining our discipline in pursuing opportunities that enhance value, strengthen cash generation and support long-term Shareholder returns.”

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The consideration for the proposed acquisitions is expected to be funded by the company’s existing debt facilities and cash resources. On a 2025 net participating interest basis, the firm anticipates enlarged production of over 100,000 barrels of oil equivalent per day (boepd), a 134% increase versus 2025 production.

The new participating interests together add about 57.400 boepd of production, with Southeast Asia contribution increasing to 69% and the UK North Sea contributing 31%. The enlarged 2025 production is weighted 63% liquids and 37% gas, with the new participating interests being 47% liquids and 53% gas.

The 2P reserves are approximately 300 million boe, which is around an 85% increase versus the firm’s reported 2P volumes, as at December 31, 2025. The new participating interests bring 138 million boe (net, as at March 31, 2026).

Bseisu emphasized: “This is an exciting moment for EnQuest that expands our South East Asia position, strengthens our global portfolio, provides a material milestone in the delivery of our growth strategy, and, we believe, will deliver significant value for shareholders.

“I thank Carigali for its continued trust in EnQuest as a strategic partner and high-performing operator, and very much look forward to working with our partners to realise the full potential of these new additions to our portfolio.”