Independent North Sea operator Harbour Energy said its planned takeover of German rival Wintershall Dea is “on track” for completion in the fourth quarter of this year.
In a trading update issued today, Harbour said it has made “significant progress” on finalising the necessary approvals to complete the £11.2 billion acquisition.
Harbour said it has received clearance for the takeover from Germany’s federal ministry of economics and climate action, as well as receiving consent from Norway’s energy ministry.
In an update on its North Sea operations, Harbour also said it has progressed drilling at its Callanish F6 well in the Greater Britannia Area and at its Talbot development in the J-Area.
Harbour said the Talbot development remains on-track to start production towards the end of 2024.
The firm also announced a small oil discovery at Ringhorne North close to existing infrastructure in Norway. Harbour has a 15% interest in the development.
Operationally, Harbour said its production averaged 172,000 barrels of oil equivalent per day (kboepd), down on its 2023 result of 202kboepd. Harbour expects the full year result to be between 150-165kboepd.
The firm also reported no lost time injuries or serious process safety events during the quarter.
Harbour also said it is seeing “continued momentum” on its UK carbon capture, utilisation and storage projects, including “good progress” in the FEED phase of its Viking CCS project.
Harbour Energy chief executive officer Linda Cook said: “During the first quarter, we continued to deliver safe and responsible operations, maximise the value of our UK production base and advance our organic growth projects.
“At the same time, we made significant progress towards completion of the Wintershall Dea acquisition which will transform our portfolio and capital structure and support enhanced and sustainable shareholder returns.”
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