Harbour Energy Set to Finalize $11.2 Billion Acquisition Ahead of Schedule

Harbour Energy, the largest British North Sea oil and gas producer, is set to complete its acquisition of Wintershall Dea's asset portfolio by early September. This $11.2 billion deal, originally forecasted for Q4, has progressed significantly, ensuring regulatory approvals, including in Mexico. Harbour aims to expand beyond the UK amid new governmental windfall taxes.

Harbour Energy said on Tuesday it expects to finalize the acquisition of Wintershall Dea's asset portfolio earlier than anticipated, aiming for early September instead of the initial forecast of early in the fourth quarter.

The largest British North Sea oil and gas producer announced significant progress in meeting the necessary conditions for completion, including obtaining regulatory approvals in Mexico.

Last December, Harbour agreed to acquire German oil and gas company Wintershall Dea's non-Russian assets in a substantial $11.2 billion share and cash deal with co-owners BASF and LetterOne. The deal aims to create one of the world's largest independent producers. Harbour, which is listed on the London Stock Exchange, seeks to expand its operations beyond the United Kingdom, especially after the UK government imposed a windfall tax on the sector following a spike in energy prices in 2022.

(With inputs from agencies.)