EnQuest seals $67m deal to expand in Malaysia

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North Sea oil and gas producer EnQuest has struck a $67 million (£39.5m) deal to buy ExxonMobil’s interests in seven Malaysian oil fields.

The Aberdeen-based firm said the purchase was part of its strategy to extend its footprint in Malaysia, and will boost its net production by about 5,000 barrels a day.

EnQuest, which said its experience of dealing with ageing assets in the North Sea will help to enhance recovery from the fields, will take over as operator after ExxonMobil’s 50 per cent stake in the offshore fields. State-owned Petronas holds the remainder.

Chief executive Amjad Bseisu said: “This acquisition follows from our recent partnership with Petronas on the Tanjong Baram field and is a significant expansion to our Malaysian operation.

“I look forward to deepening our relationship with Petronas and adding further opportunities in Malaysia.”