Maximising production
Harbour Energy is active in 11 countries with significant operations in Norway, the UK, Argentina, Germany and Mexico:
- In Norway, Harbour is now the sixth largest producer, and the country is our largest source of production.
- In Argentina we have an interest in the CMA-1 concession, which today produces c.15% of Argentina’s natural gas production.
- We are the UK’s largest oil and gas producer, representing c.15% of the country’s domestic oil and gas production.
- In Germany we own and operate 100% of Mittelplate, the country’s largest oil field.
- We have a significant interest in Mexico’s strategically important Zama project, which has the potential to replace reserves equivalent to a year’s worth of our production.
Our portfolio
Our portfolio is well balanced with a mix of oil and gas and no single hub accounting for more than 10% of our production.
We directly operate around 40% of our production and we have extensive global operational experience and capabilities. We have a track record of investing in our asset base to extend field life and offset natural production decline.
In our non-operated portfolio, which mainly comprises high quality, long-life assets, we partner with well-established operators, including Equinor, Aker BP and Vår Energi in Norway, BP in Egypt and TotalEnergies in Argentina. In addition, some of our joint venture partnerships have existed for multiple decades, such as in Argentina, where TotalEnergies and Wintershall Dea partnered for more than 45 years.
Case study: Armada Area, UK
The Armada Area fields in the UK North Sea, which we acquired from Shell in 2017, were scheduled for decommissioning in 2018. We saw the opportunity to invest in the asset through additional drilling, which extended field life. The drilling of an infill well at North West Seymour in 2024 has the potential to further extend Armada’s producing life to beyond 2030.
Reserves and resources
At Harbour, we focus on maximising the value of our existing infrastructure and assets to increase our production and replenish our reserves and resources – in other words, we do more with what we have and where we already excel.
By using our knowledge and experience of the geology and subsurface conditions in the areas we operate in, we use our production assets efficiently while also lowering the risk involved in expanding our portfolio and developing our resources more quickly.
2P reserves:
1.25
billion barrels of oil equivalent
Our proven and probable reserves include opportunities to increase near-term production in Norway, to expand around our operated hubs in the UK and to sustain output from our German operations, for example with infill projects. We also have significant gas reserves providing opportunities for growth in Argentina.
2C contingent resources:
1.91
billion barrels of oil equivalent
Our 2C resources underpin future production and cash flow. These resources include near-infrastructure opportunities, conventional, offshore projects in Mexico, Norway, Argentina and Indonesia, and scalable, unconventional opportunities in the Vaca Muerta onshore shale play in Argentina.
Carbon capture and storage
Carbon capture and storage (CCS) is a proven technology with enormous potential to help decarbonise the economy, particularly in hard to abate sectors such as heavy industry and power.
CCS has been in use for more than four decades and is one of the few methods we have to remove CO2 from the atmosphere at the scale needed. It involves capturing CO2 directly at the source from power stations or industrial plants before being transported by pipeline and injected into rock formations, such as saline aquifers or depleted oil and gas reservoirs, where it can be stored safely for thousands of years.
The Intergovernmental Panel on Climate Change says CCS is vital to achieve the ambitions of the Paris Agreement and limit future temperature increases to 1.5°C above pre-industrial levels.
Harbour has built a strong position in CCS. We have interests in some of Europe’s most advanced and promising projects that have hundreds of millions of tonnes in existing and planned capacity. We also have licences to explore additional long-term storage opportunities.
