Harbour Energy PLC said on Tuesday that it has completed its acquisition of the Wintershall Dea asset portfolio.
Harbour Energy is an oil and gas company operating in the UK North Sea. The portfolio of Wintershall Dea, a German gas and oil company, includes its upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria.
It expects annual production of 250,000 to 265,000 barrels of oil per day, unit operating costs of $16 - $17 per boe and a total capital expenditure of around $1.7 billion.
Harbour Energy’s net debt after the completion of the acquisition is around $4.5 billion.
Chief Executive Officer Linda Cook said: ‘We are extremely proud to have completed the Wintershall Dea acquisition. It marks our fourth and most transformational acquisition since we were founded in 2014, and is another big step forward as we continue to build a large, global independent oil and gas company focused on the safe and responsible production of the oil and gas the world still needs.’
Harbour Energy announced last December that it had reached an agreement with BASF SE and LetterOne to acquire ‘substantially all’ of the Wintershall Dea’s upstream assets. It had agreed to pay the two Wintershall shareholders $11.20 billion in cash and shares for the portfolio.
Shares in Harbour Energy fell 3.1% to 285.25 pence each in London on Tuesday afternoon, while shares in BASF fell 2.3% to €44.53 in Frankfurt.
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