Harbour Energy Reached Agreement for Acquisition of Wintershall Dea's Upstream Assets

Harbour Energy has agreed with BASF and LetterOne, Wintershall Dea’s shareholders, to acquire its upstream assets across Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria for US$11.2 billion.

This acquisition significantly expands Harbour Energy's production capacity and diversifies its geographical footprint. It makes them one of the independent oil and gas producers, with a combined production of over 500,000 barrels of oil equivalent per day. The acquired assets are in countries like Norway, Argentina, and Denmark, giving Harbour Energy a stronger presence in key production regions. The assets acquired are generally low-cost and have long-life reserves, providing a stable source of production for years to come. The deal is expected to lead to lower borrowing costs for Harbour Energy due to its increased size and creditworthiness.