EnQuest buys Malaysian offshore assets for 833 million
EnQuest has agreed to acquire interests in four offshore contracts from Petronas to diversify its portfolio away from British energy levies. The deal is structured as a reverse takeover and is expected to boost the company daily production to 100,000 barrels of oil equivalent.
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ENQUEST PLC will acquire interests in four offshore contracts in Malaysia from Petronas for up to $833 million. The deal expands the producer's Southeast Asian footprint as it faces rising energy profit levies in the United Kingdom. This diversification strategy aims to boost total production 13% to 100,000 barrels of oil equivalent per day to offset North Sea fiscal pressures.
