Argentina

Argentina

Our Argentina activities

In Argentina, we are a major supplier of energy and one of the country’s top producers of natural gas.

Harbour’s production is concentrated in two areas: the prolific offshore Cuenca Marina Austral (CMA-1) concession in the Tierra del Fuego province, and the Aguada Pichana Este and San Roque onshore concessions in the Neuquén basin. Harbour’s acquired business has been active in Argentina for more than four decades and has a long-term operator partnership through Total Energies.

Production averaged 63 kboepd for the period 3 September to 31 December 2024, contributing 21 kboepd to the Group’s full year production (2023: N/A). This reflects a continued strong performance from CMA-1, which delivered c.70 per cent of our production in the country. CMA-1 production was supported by the Fenix gas project, a new unmanned platform tied into existing CMA-1 facilities, which came on-stream ahead of schedule in September 2024.

Production from Aguada Pichana Este averaged 18 kboepd for the period 3 September to 31 December 2024, mainly from the unconventional Vaca Muerta shale, with production constrained by offtake and local market capacity.

San Roque production averaged 3 kboepd for the period from the mature conventional oil play. The unconventional Vaca Muerta shale in the San Roque licence has been appraised and discussions with partners for the potential development of the resource are ongoing.

In Q4, Harbour signed a participation agreement to acquire a 15 per cent interest in Southern Energy SA which is looking to develop a 2.45 mtpa FLNG export project. The transaction completed in January 2025. The proposed project involves deploying Golar LNG’s existing ‘Hilli Episeyo’ FLNG vessel off the coast of Rio Negro province. It is anticipated that the upstream partners in Southern Energy will supply the natural gas for the FLNG project, enabling Harbour’s Argentina natural gas to access global LNG export markets and international natural gas prices. An application for the project under the country’s recently enacted RIGI legislation has been made; if successful, the project will qualify for certain investment incentives including the ability to keep revenues offshore after three years of production.

The progress at San Roque and Aguada Pichana Este, along with participation in Southern Energy, mark important steps towards the unlocking of the full potential of Harbour’s natural gas resources in Argentina. With more than 750 mmboe of 2C resources, mainly in the Vaca Muerta shale play, Argentina represents the largest single component of Harbour’s 2C resources and a significant reserve replacement opportunity for the company.