Our purpose

To play a significant role in meeting the world's energy needs through the safe, efficient and responsible production of hydrocarbons, while creating value for our stakeholders.

Our strategy

To create value by continuing to build a global, diversified oil and gas company focused on value creation, cash flow and distributions.

Key facts
  • Since its creation in 2014, Harbour has grown to become one of the world’s largest and most geographically diverse independent oil and gas companies.
  • Significant production in Norway, UK, Argentina, North Africa and Germany.
  • Global production of c. 475 kboepd (2024F on a proforma basis).
  • Benefiting from a 1.5bnboe 2P reserve base and 1.8bnboe 2C resources1.
  • Low emissions intensity of less than 15 kgCO2e/boe.
  • c.5,000 colleagues (employees and direct contractors) worldwide.

1 YE 2023 D&M CPR & management estimates

Our four strategic pillars
Focus areas:
  • Protect the safety and wellbeing of our people.
  • Invest in our assets to maximise value, including to improve efficiency and the recovery of oil and gas.
  • Safeguard the communities in which we operate and protect the environment.
  • Progress towards our Net Zero 2035 goal.
  • Collect efficient and reliable data to track our performance and support our goals.
How we delivered in 2023:
  • Improved safety record, with reduced TRIR, zero LTIR and zero serious (Tier 1 and 2) process safety events.
  • Completed UK organisation review and formed new strategic supply chain partnerships.
  • Embedded a new, scalable enterprise management system into our business.
  • Announced acquisition of Wintershall Dea asset portfolio which will lower GHG intensity and expand CCS position.
Target outputs:
  • Continuous improvement in our safety and environmental performance.
  • Maintain a competitive cost structure as assets mature.
  • Top quartile operational performance, including safe and efficient execution of planned maintenance campaigns.
Focus areas:
  • Ensure robust margins through commodity price volatility.
  • Maintain balance of oil and gas.
  • Maintain access to profitable investment opportunities.
  • Ensure longer-term organic and inorganic investment options to replace/grow reserves.
  • Rigorous prioritsation and capital allocation process.
How we delivered in 2023:
  • Partial reserve replacement supported by additions at our UK operated hubs.
  • Progressed organic growth opportunities in the UK (Talbot, Leverett), Mexico (Zama, Kan) and Indonesia (Layaran).
  • Agreed divestment of non-core Vietnam business.
  • Announced acquisition of Wintershall Dea asset portfolio which will improve reserve life and margins.
Target outputs:
  • Execution of capital programme, including successful production start-up from Talbot around year end.
  • Mature high-quality infrastructure-led investment opportunities, especially around J-Area (UK).
  • Complete the Wintershall Dea transaction and ensure a healthy pipeline of longer-term organic and inorganic investment options to replace/grow reserves.
Focus areas:
  • Leverage our global footprint, full cycle capabilities and mergers and acquisition (M&A) expertise to diversify and expand our investment opportunity set.
  • Harness our deep organisational competence and operating skills to drive standards, efficiencies and controls over capital expenditure levels.
How we delivered in 2023:
  • Regulatory approval for Zama field development plan and oil discovery at Kan-1 (Mexico).
  • Material offshore gas discovery at Layaran-1 in South Andaman (Indonesia).
  • UK CCS projects awarded Track 2 status by the UK government.
  • Announced acquisition of Wintershall Dea asset portfolio adds significant positions in Norway, Germany, Argentina and Mexico.
Target outputs:
  • Complete acquisition of Wintershall Dea asset portfolio.
  • Advance international growth opportunities in Mexico and Indonesia including exploration and appraisal drilling.
  • Agree terms of the economic licences for our CCS projects with the UK government.
Focus areas:
  • Disciplined annual budget and long-term planning process.
  • Conservative financial risk management policy, including a disciplined hedging programme.
  • Ensure competitive shareholder returns, including a sustainable dividend.
How we delivered in 2023:
  • Net debt reduced to $0.2 billion; successful amendment and extension of RBL facility to 31 December 2029
  • Significant free cash flow generation supported $0.4 billion of shareholder distributions
  • Acquisition of Wintershall Dea asset portfolio is expected to deliver investment grade credit ratings
Target outputs:
  • Continued execution of hedging strategy
  • Deliver on commitment to shareholder distributions
  • Protect expected investment grade rating on completion of the Wintershall Dea acquisition