 “A Success Story of Growth in the International Oil & Gas Sector”
Harbour Energy, founded in 2014 by private equity, has quickly established itself as a prominent player in the global oil and gas sector. Through strategic acquisitions and a robust growth strategy, Harbour Energy has built a diverse portfolio, expanded its international footprint, and achieved significant milestones, positioning itself as the largest UK oil and gas producer in 2023.
Harbour Energy’s growth trajectory is marked by several key acquisitions and mergers, all critical steps in expanding the company’s asset base and resulting in being listed on the London Stock Exchange. The most recent acquisition of Wintershall Dea’s assets in 2024 further solidified Harbour Energy's position as a leading global player. With assets in 11 countries, a production rate of 480Mboe/d, and 2P reserves of 1.5Bboe with a reserve life of eight years, Harbour Energy has created a sustainable and diverse portfolio. The company employs 5,000 people, including contractors, and prioritizes maximizing production value, progressing international growth opportunities, and maintaining financial discipline.
Gustavo Baquero, Managing Director and Country Chair, Harbour Energy Mexico, notes that the company’s ESG approach has also benefited from the company’s acquisitions. "With the acquisition of Wintershall Dea, we expanded our assets in Norway and Denmark, and gained key clients in Germany. This has positioned us with Europe’s largest SCC portfolio in terms of carbon capture capacity," Baquero highlights.
Harbour Energy has been active in Mexico since 2017, developing an extensive exploration and production portfolio with significant growth potential. The company's operations in Mexico include several key assets:
- Located in Tabasco, Ogarrio has been operated by Harbour Energy since 2018, holding a 50% stake with the other 50% owned by PEMEX. The field produces approximately 6.2Mboe/d. Harbour Energy is focused on optimizing the production base through workovers and infill drilling programs. The company is also evaluating secondary oil recovery projects, such as waterflooding, to enhance production. Additionally, Harbour Energy is committed to sustainable social programs, including health and education initiatives for local communities in Tabasco.
- Discovered in 2017 and located in the Sureste Basin, Zama is one of Harbour Energy's most significant projects in Mexico. The project is 50.4% owned by PEMEX, 32.2% by Harbour Energy, and 17.4% owned by Talos Energy. The unit development plan for Zama was approved in June 2023, and the front-end engineering design (FEED) began in 2024. A joint project team, with experts from all partners, is dedicated to successfully developing this project. The targeted oil plateau for Zama is approximately 180Mb/d, with recoverable oil volumes estimated at around 675MMb, according to Sylvain Petiteau, Vice President Zama Project, Harbour Energy. The capital investment for the project is projected to be about US$4.5 billion (pre-FEED estimate).
- In the Sureste Basin, Block 30 was the most contested block during Round 3.1 in 2018. It is 60% owned by Harbour Energy and 30% owned by Sapura Energy and OMV. The Kan discovery holds volumes between 200 to 300MMboe in place. An appraisal drilling campaign is ongoing in 2024, and the evaluation of development concepts is focused on creating a value-accretive, synergistic, and sustainable project.
- Operated by Hokchi Energy, a subsidiary of Pan American Energy (PAE), the Hokchi field is also located in the Sureste Basin. The project is 55% owned by Hokchi Energy, 17% by Harbour Energy, and 8% by AINDA. The field is currently producing approximately 23Mboe/d. A waterflood process started in April 2023, with seven injector wells now operational to stabilize production. Crude oil from Hokchi is transported to the onshore processing facility via a 24-km pipeline.
- In the Salina Basin, the Polok and Chinwol fields were discovered in May 2020. The Polok field holds volumes of around 722MMb, while Chinwol holds approximately 277MMb. The Polok and Chinwol fields are operated by Repsol, which holds a 30% stake, while Petronas holds 28.33%, Harbour Energy 25%, and PTTEP 16.67%. Polok is a play-opening field within the Early Miocene, and Harbour Energy is currently evaluating a floating production storage and offloading (FPSO) development option for the maturation of the Polok project to the next decision phase.
The company also holds exploration blocks in partnership with PEMEX. Following its acquisitions, Harbour Energy became Mexico's largest private company by reserves, with over 400Mboe awaiting development. In terms of net production, the company produced more than 12Mboe in 1H24.
Talking about the future of the industry, Baquero says development in Mexico’s offshore projects will now depend on collaboration between public and private entities. "We will need to come together and organize to ensure the barrels from the Mexican fields are fully developed. If projects like Zama and Trion are optimized and developed, along with others, it could provide a production base of nearly 600Mb/d, which is about a third of the country's current output. The upcoming period is crucial for making these investments, and it will be a significant time for the development of offshore reserves in Mexico,” he said.
Baquero highlights that current production levels have room for growth, given the substantial reserves and resources. The strategy is to transform reserves into resources, and resources into barrels. Harbour has the potential to exceed 100Mboe using its existing assets. According to Baquero, this could allow the company to multiply its production tenfold through organic business development. With headquarters' approval, the company could also expand further through additional acquisitions. "We know how to operate in Mexico, we know how to work onshore, and now we are proving our offshore capabilities with the drilling of Block 30. Ogarrio has been the proof of this," Baquero highlights. |
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