UK-based oil and gas company Harbour Energy has signed sale and purchase agreements to divest its assets in Vietnam to Big Energy Joint Stock Company in a deal worth $84m.

The assets to be sold include the oil and gas company’s 53.125% interest in Block 12W, which comprises the Chim Sao and Dua producing fields offshore Vietnam.

Harbour Energy’s stake in Block 12W comprises a 28.12% operated interest held through Premier Oil Vietnam Offshore and a 25% stake held via Premier Oil (Vietnam).

The Chim Sao and Dua fields are expected to produce nearly 4,000 barrels of oil equivalent per day (boepd) net to the company’s share during 2023.

The former was discovered in 2006 and the Dua oil and gas field was developed as a subsea tie-back to Chim Sáo.

Chim Sao achieved the first oil in October 2011 while the Dua field reached its first production in July 2014.

Upon the completion of the deal, Harbour Energy will exit from Vietnam.

Harbour Energy CEO Linda Cook said: “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.

”While Vietnam does not form a core part of our growth strategy going forward, we are proud of the quality of the business we have built, both in terms of the organisation and assets, since our country entry in 2004.”

Big Energy, an oil and gas business in Vietnam, is part of the Big Capital JSC group. It has been engaged in upstream activities offshore Vietnam for more than ten years under the name Bitexco Group.

Subject to government approvals, the transaction is anticipated to be completed by the end of this year.

In June this year, Harbour Energy was reported to be in talks to merge with Talos Energy, which is engaged in exploration, development, and production in the US Gulf of Mexico.