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 1.2bnboe 2P reserve base and 1.9bnboe 2C resources1.
- Low emissions intensity of less than 15 kgCO2e/boe on a pro forma net equity basis.
- 3,400 employees and direct contract staff.
1 YE 2024 D&M & 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 a 50 per cent reduction in our gross operated Scope 1 and 2 emissions by 2030 against our 2018 baseline.
- Collect efficient and reliable data to track our performance and support our goals.
How we delivered in 2024:
- Safe and efficient operations, including the safe transfer of the Wintershall Dea portfolio to Harbour ownership.
- Regrettably, we had one Tier 1 event, and three Tier 2 events occur in 2024. All events were rigorously investigated by management, with learnings shared across the company.
- Increased production whilst reducing unit operating cost on a pro forma basis.
- GHG emissions materially lowered on a pro forma basis.
Priorities for 2025:
- Embedding our strong safety culture across the expanded portfolio.
- Maintain strong, positive and influential relationships with our joint venture partners and suppliers.
- Maintain a competitive cost base, driving simplification and efficiency improvements through integration.
- Continued progress towards our commitment to reduce GHG emissions by 50 per cent by 2030 (versus a 2018 baseline).
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 prioritisation and capital allocation process.
How we delivered in 2024:
- 3x increase in 2P reserves, reflecting the completion of the Wintershall Dea transaction.
- 2P reserves significantly increased to 1.2 billion boe with material positions acquired in Norway, Germany, Argentina, Mexico and North Africa.
- Significantly increased and diversified our 2C resource base to 1.9 billion boe, providing multiple high quality options for conversion into 2P reserves.
- Progressed projects near existing infrastructure, including production start-up from Fenix in Argentina and Talbot in the UK.
- Exploration success in and around our key hubs in Norway, UK and Mexico.
Priorities for 2025:
- Execution of the capital programme, including successful production start-up from Maria Phase 2 (Norway) in summer 2025.
- Mature high quality, infrastructure-led investment opportunities, including delivery of four exploration wells in Norway.
- High grade our reserves and resource portfolio and ensure a healthy pipeline of longer-term organic and inorganic investment options.
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 2024:
- Completed the Wintershall Dea transaction, lowering our unit cost to $13.5 per boe (pro forma 2024) from c.$16.4/boe in 2023, and lowering our GHG intensity from 22 kgCO2e/boe in 2023 to 14 kgCO2e/boe on a net equity pro forma basis in 2024.
- Progressed our organic growth opportunities in Mexico (Zama, Kan), Indonesia (Tangkulo, Layaran) and Argentina (Southern Energy FLNG project participation agreement).
- Progressed our CCS projects, including substantially completing FEED at Viking (UK) and taking a final investment decision on Greensands Future (Denmark)
- Agreed sale of non-core assets in Vietnam and exited an uncompetitive CCS licence in the UK.
Priorities for 2025:
- Advance organic growth opportunities in Mexico, Indonesia and Argentina.
- Continue to high grade our CCS portfolio, focusing on competitively advantaged projects with long-term cash flow potential.
- Continue to evaluate M&A opportunities, with a particular focus on improving our reserve life, increasing our operational control and adding oil weighted production near term.
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 2024:
- Investment grade credit ratings achieved from the three main credit rating agencies.
- Successful issuance of €1.6 billion senior notes comprising €0.7 billion with 3.8 per cent coupon due 2029 and €0.9 billion with 4.4 percent coupon due 2032.
- Increase in annual dividend commitment to $455 million signalling our confidence in the increased scale and longevity of our free cash flow generation.
Priorities for 2025:
- Continued execution of our hedging strategy to ensure predictable and resilient cash flow through the commodity price cycle.
- Protect investment grade credit ratings, including by maturing investment opportunities which improve reserve life and reducing absolute net debt levels.
- Proactively manage our debt maturity profile.
- Deliver on our commitment to shareholder distributions.