EnQuest Agrees to Buy Malaysian Offshore Oil Interests from Petronas for Up to $833 Million

EnQuest PLC agreed to purchase interests in four offshore production sharing contracts in Malaysia from state firm Petronas for up to $833 million. The UK-based company announced the deal on Wednesday through its wholly-owned subsidiary EnQuest Petroleum Production Malaysia Limited.

The transaction covers three separate packages and involves farm-out agreements with Petronas Carigali and E&P Malaysia Venture Sdn Bhd.

Of the maximum $833 million consideration, $554 million would be paid upon completion, which is scheduled for December 31, 2026. The closing remains subject to customary conditions, including the waiver or expiry of pre-emption rights on some of the contracts. EnQuest already operates in Malaysia through the PM8 Extension Production Sharing Contract covering the PM8 and Seligi Fields.

The company took operatorship and a 50 percent working interest in those fields in 2014. The new assets would add about 57,400 barrels of oil equivalent per day to EnQuest's production. Southeast Asia would then account for 69 percent of the group's total output, with the UK North Sea contributing the remaining 31 percent.

EnQuest CEO Amjad Bseisu said the transaction reflects the company's focus on building a larger, more diversified portfolio while pursuing opportunities that enhance value, strengthen cash generation and support long-term shareholder returns. 5 percent year-on-year to 43 million barrels in the first quarter of 2026, according to data released last week by the Department of Statistics Malaysia.

The decline stemmed from lower crude output.