Harbour Energy Key Takeaways from CEO Fireside Chat

研报英文原文证据摘录

Harbour Energy Key Takeaways from CEO Fireside Chat

ks. Harbour

produces ~70 kboe/d in Argentina today, including ~50 kboe/d from conventional

offshore assets, which management expects to remain relatively flat through small-scale

tiebacks into existing infrastructure. The Vaca Muerta oil opportunity at San Roque could

see first rig activity around year-end, while the gas license is already being drilled but

remains constrained by domestic demand. Southern Energy LNG, where Harbour has a

15% stake, should unlock access to international gas markets, US dollar revenues and

offshore cash retention under the RIGI framework, with first LNG exports expected

around end-2027 and a second vessel a year later. Cook also reiterated that Harbour would

like to establish operating capability in Argentina over time, giving the company more

control over investment pace and production.

• Mexico is being redesigned around phased FPSO-led developments, with Zama and

Kan central to post-2030 growth. Harbour now operates Zama, a ~750mmbbl shallow-

water discovery, and Kan, with both intended to support production from 2030 and

beyond rather than the near-term 475–500 kboe/d bridge. On Zama, management is

redesigning the prior development concept toward a phased FPSO-led approach, which

should reduce upfront development risk and provide greater crude marketing flexibility.

Harbour hopes to enter FEED later this year and have Zama FID-ready by end-2027.

More broadly, management framed the next two years in Mexico around moving both

Zama and Kan into construction.

• No urgency for large-scale M&A; future activity likely focused on core countries.

Cook emphasised that Harbour does not feel the need to be bigger, with ~500 kboe/d

viewed as a reasonable scale.