Malaysia M&A – EnQuest to acquire interests in four Malaysian PSCs from PETRONAS Carigali

(Originally posted on June 11, 2026)

Yesterday, 10 June 2026, EnQuest announced that it had agreed to acquire participating interests in four offshore Malaysian PSCs from PETRONAS Carigali and E&P Malaysia Ventures (EPMV). EPMV is a 100% PETRONAS Carigali subsidiary, so I will generally refer to PETRONAS Carigali and EPMV together in this article.

The proposed acquisitions are structured as three separate farm-out agreements, covering interests in the Balingian PSC, SK-08 PSC, D35-D21-J4 PSC and PM-06/12 PSC. The maximum total consideration is US $833 million, comprising US $554 million of upfront consideration, US $189 million of deferred consideration and up to US $90 million of contingent consideration linked to final investment decisions on three identified projects within the Balingian PSC.

Completion is expected on 31 December 2026, subject to customary approvals, including PETRONAS approval and EnQuest shareholder approval. Package 2, which covers the D35-D21-J4 PSC, is also subject to pre-emption rights.

If all three packages complete, the acquired interests will add 57.4 kboepd of 2025 working interest production, 138 MMboe of 2P reserves and 208 MMboe of 2C resources. EnQuest expects the enlarged group to produce more than 100 kboepd and for Southeast Asia to account for 69% of group production.