The four-year extension of Vietnam's Block 12W production sharing contract (PSC), approved by Petrovietnam, enables operator EnQuest to advance discovered resources into reserves. This extension provides EnQuest and its partners an opportunity to access upside potential across the block, which includes three gas discoveries and several additional targets.

Operational Impact and Value Creation

The extension allows EnQuest to unlock significant value within Block 12W. Since acquiring the Chim Sao and Dua fields in 2025, EnQuest has applied its asset management expertise, completing three proactive well interventions. These efforts boosted production in the fourth quarter of 2025 to 10,400 barrels of oil equivalent per day, with 5,500 boepd net to EnQuest.

Contract Details

The initial PSC was due to expire in November 2030. The extension, granted on the same terms as the existing contract, will now run through July 2034.