Offshore staff
LONDON – Harbour Energy has issued an update on its current and planned projects in the North Sea, Far East, and offshore Mexico.
The company anticipates average full-year production of 175,000 boe/d, with opex of around $16/boe and total capex close to $1 billion, including decommissioning.
In the UK southern North Sea, the delayed Tolmount gas project should start up in 1Q 2022, but with reserves likely to be downgraded following results from development drilling results. The Tolmount East satellite project has also secured sanction.
This year the company has had drilling successes at the J-Area, Elgin Franklin, Everest and Beryl fields the UK central North Sea and at Natuna Sea Block A and Tuna offshore Indonesia, supporting future production.
Harbour’s Net Zero 2035 work to date includes progress on UK offshore electrification and carbon capture and storage studies, and measures to offset around 20% of its 2021 emissions.
Next year the company is targeting production in the 195-210,000 boe/d range, including 15-20,000 boe/d from Tolmount and new production from J-Area, Catcher, Buzzard in the UK and Chim Sao offshore Vietnam, with opex of $15-16/boe and total capex of $1.3 billion.
It has allocated $800 million to new investments in production and development, focused on near-infrastructure projects; $200 million for offshore exploration and appraisal, including the high-impact Timpan-1 well in Indonesia and two commitment wells off Mexico; and $300 million pre-tax for decommissioning, mainly in the southern North Sea.
Harbour’s strategy toward 2024 is to continue reinvesting in its existing asset base while establishing production in another region over time, with forecast overall production averaging 200,000 boe/d and annual capex of $1.3 billion.
12/09/2021
