Harbour Energy, UK to complete Wintershall Dea Asset Deal in September

Harbour Energy, of Britain, said Tuesday that it expected to complete the purchase of Wintershall Dea assets by early September. This is a change from its previous estimate of early in the 4th quarter.

Harbour's shares rose 7.2% to 301.10p at the opening of morning trading.

The biggest British North Sea oil-and-gas producer has said that it has made significant progress in satisfying the completion conditions, including regulatory approvals from Mexico.

Harbour produces and develops oil and gas on the continental shelfs of the United Kingdom, Norway, Indonesia, Vietnam, and Mexico.

Ashley Kelty, analyst at Panmure Liberum, said: "This is an important step forward that should lead to increased revenues in FY24."

Harbour agreed in December to buy the German oil company's non Russian oil and natural gas assets for $11.2 billion. The deal was made with co-owners BASF, and LetterOne. This would make Harbour one of the largest independent producers in the world.

Harbour, a London-listed company, has been looking to expand outside the UK after the government imposed windfall taxes on the sector in response to a surge in energy prices that occurred in 2022. Arunima K. in Bengaluru, Mrigank Dhaniwala, Varun H. K. and Arunima K. reported.

(source: Reuters)