By Jeremy Beckman, London Editor
Two leading European E&P companies have issued operations outlooks for the year ahead.
Harbour reports stable offshore production across its UK fields
Harbour Energy expects markedly lower operating costs this year of about $14/boe, thanks to the lower-cost portfolio of Wintershall Dea, which the company acquired in 2024.
The additions should also raise Harbour’s overall capex this year to $2.4 billion to $2.6 billion, despite planned investment reductions in the UK North Sea and lower exploration and appraisal expenditure offshore Indonesia and Mexico.
The company estimates production in the range 450,000 to 475,000 boe/d, due largely to the Wintershall Dea contributions and stable production across Harbour’s UK offshore fields.
Last year the company participated in six successful infrastructure-led exploration and appraisal wells in the North Sea, including at Storjo and Sabina in Norway and the Gilderoy and Jocelyn South discoveries in the UK. The latter should go onstream in the current quarter.
Earlier this week, EnQuest agreed to acquire Harbour Energy’s oil and gas production business offshore Vietnam for $84 million.
Energean focusing on development activity offshore Israel
Energean anticipates development and production capex of $400 million to $430 million this year, with $380 million to $400 million focused on activity offshore Israel (including about $50 million of underspend carried over from 2024).
The company has allocated $20 million to $30 million for infill drilling on the Scott field in the UK central North Sea and annual maintenance costs in the UK and offshore Greece.
Its $55 million to $65 million decommissioning expenditure, all in UK waters, will go toward decommissioning of the operated Tors and Wenlock fields in the southern North Sea.
Energean expects to spend no more than $5 million on exploration this year, preferring to focus on working up potential prospects for drilling in 2026.
