Skrine and Ashurst have advised UK-based energy company EnQuest on its acquisition of interests in four offshore production-sharing contracts from Malaysian energy and petroleum giant Petronas for a total consideration of USD833 million.
The USD833 million transaction comprises three separate farmout agreements, with USD554 million payable on completion, which is expected on 31 December 2026, subject to customary conditions.
Skrine acted as Malaysian counsel to EnQuest, with the team co-led by partners Fariz Abdul Aziz, head of oil and gas, and Tan Wei Xian.
Ashurst also advised EnQuest, with the deal team spearheaded by global chair Karen Davies and Singapore-based partner Kok Jin Ong.
The acquisitions will constitute a reverse takeover under UK listing rules and are therefore subject to shareholder approval, among other requirements.
On completion, EnQuest will assume operatorship of Balingian, SK8 and D35-D21-J4 offshore Sarawak, as well as a non-operating interest in PM6-12 offshore Peninsular Malaysia. The portfolio produces more than 100,000 barrels of oil equivalent (boe) per day.
The acquisition is expected to double EnQuest’s production and add around 138 million boe of 2P reserves, along with a further 208 million boe of contingent resources.
