PSC for Southeast Asian block with three gas fields to run up to July 2034

February 9, 2026, by Melisa Cavcic

London Stock Exchange-listed energy player EnQuest has picked up a multi-year extension for a production sharing contract (PSC) covering a block off the coast of Vietnam in Southeast Asia.

Chim Sáo field in Vietnam; Source: Harbour Energy

EnQuest, which took over Harbour Energy’s Vietnam business with three producing oil and gas fields last year, has revealed a four-year extension to the Block 12W PSC, awarded by PetroVietnam on the production sharing contract’s existing terms.

As a result, this extension is valid to July 2034, providing the London Stock Exchange-listed firm and its partners with the opportunity to access upside across the block, with prospectivity spread across three gas discoveries and several additional targets.

EnQuest is the operator, with partners: Bitexco (31.875%) and PetroVietnam (15%). Since the completion of the acquisition of Block 12W in July 2025, the firm claims that it has deployed its proven asset management expertise to maximise value from the Chim Sáo and Dua fields.

To this end, the company completed three proactive well interventions that boosted Q4 2025 production to 10.4 Kboed (5.5 Kboed net to EnQuest). The operator explains that this PSC extension enables it to initiate plans to progress discovered resources into reserves.

Block 12W is made up of three producing oil and gas fields: Chim Sáo, Chim Sáo North West (CSNW), and Dua in the Nam Con Son Basin, approximately 400 km southwest of Vung Tau, Vietnam. While the first oil field was discovered in 2006, oil production followed in October 2011.

The Chim Sáo and CSNW fields are developed via a single wellhead platform, with oil production exported via the FPSO Lewek Emas, and gas exported by pipeline to Vung Tau near Ho Chi Minh City.

Radzif Ahmed, EnQuest’s General Manager of South East Asia, commented: “We are pleased with the production enhancements made during the early period of EnQuest’s operatorship and, with this PSC extension, we see opportunities to unlock significant value within the Block.

“I thank PetroVietnam for putting its trust in EnQuest to lead the next phase of growth for Block 12W.”