REG - EnQuest PLC - PSC award in Brunei Darussalam

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RNS Number : 3005R  EnQuest PLC  16 July 2025

 

 

 

EnQuest PLC, 16 July 2025

 

EnQuest awarded Production Sharing Agreement for Block C in Brunei Darussalam

 

 

EnQuest PLC ('EnQuest' or the 'Group') is pleased to announce that it has been
awarded a Production Sharing Agreement for Block C in Brunei ('PSA') by the
Petroleum Authority of Brunei Darussalam ('PABD').

EnQuest EP BV Ltd, a subsidiary of EnQuest, will initially be the sole
operator of the PSA with the intention to subsequently, subject to contract,
form a 50/50 joint venture company ('JVC') with Brunei Energy Exploration Sdn
Bhd ('BEE'). Once established, the JVC will assume the role of operator for
Block C and focus on finalising the Merpati Field Development Plan with a view
to achieving a Final Investment Decision within the next two years. It is
expected that the capital project will commence in 2027, with first gas from
the field to be online in 2029.

Block C is located offshore Brunei Darussalam and hosts the condensate-rich
gas discovered fields of Merpati, Meragi and Juragan.  EnQuest intends to
develop these fields in stages, beginning with Merpati Field. The produced gas
and liquids from the fields is targeted for use in the domestic market and the
Brunei LNG plant; which supplies the international LNG markets.

Mr. Amjad Bseisu, CEO of EnQuest, commented that, "We are excited to embark on
this new country entry with Brunei Darussalam. EnQuest is committed to
fulfilling the responsibilities entrusted to us and we will leverage our
experienced workforce and differentiated operating capability to deliver the
project safely and efficiently. This opportunity aligns with our strategy to
diversify our portfolio into gas and expand our presence in South East Asia
following two significant recent transactions to enhance our production in
Malaysia and our acquisition of Block 12W in Vietnam from Harbour Energy. Our
established presence in the region and operating expertise built up in
Malaysia and the UK North Sea will be invaluable in supporting this project
and future ventures in Brunei Darussalam. We are eager to continue fostering
this relationship and to explore further opportunities with Brunei
Darussalam."

Ends

 

 

For further information please contact:

 

 EnQuest PLC                                                      Tel: +44 (0)20 7925 4900
 Amjad Bseisu (Chief Executive Officer)
 Jonathan Copus (Chief Financial Officer)
 Craig Baxter (Head of Investor Relations and Corporate Affairs)

 Teneo                                                            Tel: +44 (0)20 7353 4200
 Martin Robinson
 Harry Cameron

 

NOTES TO EDITORS

 

Block C is an offshore oil and gas block in Brunei Darussalam, a country that
offers a stable and well-regulated environment for oil and gas businesses,
with significant reserves and a strong infrastructure base. The government's
active role in the economy, primarily through statutory body Petroleum
Authority of Brunei Darussalam (PABD), and its efforts to diversify into other
sectors, create a conducive environment for partnerships and investments,
particularly in oil and gas exploration and development.

 

 

The asset is strategically located to take advantage of the country's
well-developed infrastructure for oil and gas operations, including modern
refineries, LNG export terminals, and a robust pipeline network. The country's
oil and gas industry continues to play a critical role in its economy, and
there is increasing attention on the long-term potential of natural gas,
particularly LNG exports.

 

 

ENQUEST

 

EnQuest is providing creative solutions through the energy transition. As an
independent energy company with operations in the UK North Sea and South East
Asia, the Group's strategic vision is to be the partner of choice for the
responsible management of existing energy assets, applying its core
capabilities to create value through the transition.

EnQuest PLC trades on the London Stock Exchange.

Please visit our website www.enquest.com (http://www.enquest.com) for more
information on our global operations

 

Forward-looking statements: This announcement may contain certain
forward-looking statements with respect to EnQuest's expectations and plans,
strategy, management's objectives, future performance, production, reserves,
costs, revenues and other trend information. These statements and forecasts
involve risk and uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of factors
which could cause actual results or developments to differ materially from
those expressed or implied by these forward-looking statements and forecasts.
The statements have been made with reference to forecast price changes,
economic conditions and the current regulatory environment. Nothing in this
announcement should be construed as a profit forecast. Past share performance
cannot be relied upon as a guide to future performance.

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