en.Wedoany.com Reported - UK oil and gas producer EnQuest PLC announced that it will acquire interests in four Malaysian offshore production sharing contracts from Petronas for up to $833 million. The deal signals the British company's further move towards growth opportunities in Southeast Asia.

According to a statement released by EnQuest on Wednesday, its wholly-owned subsidiary EnQuest Petroleum Production Malaysia Limited has agreed to acquire three independent asset packages involving the four offshore production sharing contracts. The transaction will be completed through three separate novation agreements signed by EnQuest with Petronas Carigali and E&P Malaysia Venture Sdn Bhd, with a total consideration of up to $833 million. Of this amount, $554 million will be paid upon completion, expected by December 31, 2026, subject to customary closing conditions, including the waiver or expiration of pre-emption rights applicable to certain offshore production sharing contracts.

Currently, EnQuest operates in Malaysia's upstream sector through the PM8 Extension production sharing contract, which covers the PM8 and Seligi fields. Since 2014, EnQuest has served as operator with a 50% working interest.

Facing uncertainties in its UK domestic business, including the Energy Profits Levy and a ban on new licenses in the North Sea, EnQuest is seeking to increase its upstream growth opportunities in Southeast Asia. The company stated that the acquisition will add approximately 57,400 barrels of oil equivalent per day to production, raising Southeast Asia's contribution to the group's output to 69%, with the UK North Sea contributing the remaining 31%.

EnQuest CEO Amjad Bseisu said the proposed transaction reflects the company's commitment to building a larger, more diversified portfolio while maintaining discipline in pursuing opportunities that enhance value, strengthen cash generation, and support long-term shareholder returns.

Meanwhile, data released last week by the Department of Statistics Malaysia (DOSM) showed that Malaysia's crude oil and condensate production in the first quarter of 2026 fell 5.5% year-on-year to 43 million barrels, due to a decline in crude oil output.

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