Britain's Harbour Energy on Thursday said it expects higher production in 2025 compared with last year, driven by the full-year's contribution from its purchase of oil and gas firm Wintershall Dea's assets.
Harbour acquired the non-Russian oil and gas assets of the German company last year in an $11.2 billion deal with co-owners BASF BASFn.DE and LetterOne, aiming to create one of the world's biggest independent producers.
Harbour, the largest British North Sea oil and gas producer, expects 2025 production to be between 450,000 and 475,000 barrels oil equivalent per day (boepd), compared with 258,000 boepd in 2024.
The company, in a trading update ahead of its 2024 results on March 6, said its 2025 capital expenditure is expected to be between $2.4 billion and $2.6 billion, reflecting the addition of the Wintershall Dea portfolio.
Estimated total capital expenditure in 2024 was $1.8 billion, the company added.
(Reuters - Reporting by Arunima Kumar in Bengaluru; Editing by Janane Venkatraman)