Harbour has operated production in Indonesia and Vietnam and material organic growth opportunities in Indonesia. In January 2025, we announced the sale of our Vietnam business for $84 million, which we expect to complete during 2025.
In 2024, production averaged 11 kboepd (2023: 11 kboepd), split 5 kboepd from Indonesia and 6 kboepd from Vietnam.
During 2024, Harbour successfully amended its gas sales agreements with the Singapore buyers of Natuna Sea Block A gas, increasing the take-or-pay commitment under a tiered pricing structure, enabling higher production in the second half of 2024.
In August, a multi-well exploration and appraisal campaign across our Andaman Sea acreage was completed, resulting in material gas discoveries at Layaran and Tangkulo on Andaman South (Harbour 20 per cent). In addition, Harbour secured a 60 per cent operated interest in the Central Andaman licence, which includes an extension of the Layaran discovery.
Harbour and its partners are now evaluating potential development options, including an accelerated development at Tangkulo. As at year end 2024, Harbour’s 2C resource for the Andaman area stood at 143 mmboe.
At our operated Tuna project, the plan of development was approved by the Indonesian Government in December 2022. However, subsequent progress has been impacted by EU/UK sanctions which prevent us as operator from undertaking further work on the project whilst our Russian partner is on the licence. We continue to work with our partner and the Indonesian Government to find a path forward for the project.