• Source: Harbour Energy

Harbour Energy plc is an oil and gas company based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.




History


The company was established by the commodity trader, Noble Group, and the private-equity firm, EIG Global Energy Partners, in July 2014. The initial funding was US$150 million from Noble Group and $50 million from EIG Global Energy Partners. The company provided financial backing for Chrysaor Holdings to acquire assets valued at US$3.8bn from Royal Dutch Shell; the backing led to the company becoming the largest shareholder in Chrysaor Holdings.
In June 2020, the company announced the provision of backing to enable Chrysaor Holdings to acquire Premier Oil. In March 2021 the company merged Chrysaor Holdings and Premier Oil and absorbed both into Harbour Energy. It was announced that the merged business would be managed by Linda Cook, who had been CEO of Harbour Energy since it was established. The transaction also made Harbour Energy the UK's largest independent oil and gas business.
In 2023, the Indonesia oil and gas regulator SKK Migas approved the first plan of development for the Tuna offshore gas field, operated by Harbour Energy, with a total estimated investment of $3 billion.
In December 2023, an agreement was signed for the acquisition of the German gas and oil production company Wintershall Dea by Harbour Energy for $11.2 billion. The transaction is expected to be completed in the fourth quarter of 2024. As part of the transaction, the previous owners of Wintershall Dea, BASF and LetterOne will receive shares (39.6% and 14.9%, respectively) in Harbour Energy as payment.




Major Projects






= Viking Carbon Capture and Storage Project

=
The Viking Carbon Capture and Storage (CCS) project, spearheaded by Harbour Energy in partnership with BP (which holds a 40% stake), represents a significant effort to combat climate change. This initiative focuses on capturing and storing carbon dioxide emissions from key industrial sources in the North Sea's depleted gas fields. Integral to the UK's strategy to decarbonize its industrial sectors, the project aims to store 20 to 30 million tonnes of CO2 annually by 2030. The process involves collecting, liquefying, and transporting CO2 from major emission sources, including the VPI power station and the Phillips 66 Humber Refinery. Scheduled to commence operations by 2028, the project is anticipated to significantly contribute to the local economy by creating employment opportunities and enabling industries in the Humber region to meet stringent net-zero targets. It has garnered strong bipartisan political support and substantial investments from both public and private sectors.




References






External links


Official site

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