Harbour Energy Submits Phased Development Plan for Zama

Mexico remains as an important pillar in Harbour Energy’s global growth strategy in its 3Q25 results, as it reports that its phased development plan for Zama has been submitted to the regulator. The company reported production of 473Mboe/d through the end of September and narrowed its full year guidance upward, driven by stronger than expected performance in Norway, the United Kingdom, and Argentina. Although Mexico is not yet a producing asset for Harbour, it stands out as one of the company’s most significant future growth engines.

According to the report, Harbour Energy’s portfolio continues to expand and diversify. New wells and projects came online in Norway, the United Kingdom, and Argentina during the quarter. The company noted a production boost in the United Kingdom from its J Area and Greater Britannia Area assets. In Argentina, completion of the Fenix project supported stronger output, although weaker local gas demand is expected in the fourth quarter. Planned maintenance shutdowns in Norway and the United Kingdom were completed successfully, helping sustain strong operational performance.

Beyond short term results, Harbour places emphasis on the size and quality of its contingent resource base. The company described this portfolio as large and diverse, supporting long term cash flow generation. The strategy is centered on advancing the highest return and most competitive projects, following Harbour’s disciplined approach to capital allocation.

Mexico features prominently among those priorities. The company listed the country as one of its major offshore growth areas, with roughly 600MMboe in potential across its acreage. Harbour Energy now holds an estimated 400MMboe in net 2C resources in Mexico as of the end of 2024, making it the largest international company in terms of reserves and resources in the country.

One of the most significant updates in the quarterly report is the upward revision of resources in the Kan field. Harbour increased its estimate by 50%, bringing the project to approximately 150MMboe gross, or 100MMb net. The company is maturing floating production, storage, and offloading vessel options and is targeting front end engineering and design by 2026.

Zama, one of Mexico’s most anticipated offshore projects, also advanced. Harbour submitted a more capital efficient, phased development plan to the regulator, aiming to reduce upfront investment while maintaining the long term project scope. With an estimated 750MMb of recoverable resources, and Harbour holding a 32.2% stake, Zama represents one of the most strategic assets in the company’s global portfolio.

Harbour’s quarterly report underscores that four countries currently drive more than 80% of the company’s portfolio: Norway, the United Kingdom, Argentina, and Mexico. While the first three already provide material production, Mexico represents future output that the company expects to bring online later in the decade. Harbour stated that production from Norway, Argentina, and eventually Mexico will help offset declines in the higher cost United Kingdom sector after 2030.

The company’s capital program reflects this long term view. Harbour is prioritizing investment in Mexico, with both Zama and Kan identified as key growth drivers. This focus aligns with the company’s broader strategy of high grading its portfolio and concentrating resources on the most competitive international opportunities.

For Mexico, Harbour’s results reinforce the country’s continued relevance to global offshore investment. Despite regulatory uncertainty and shifting national energy priorities, major discoveries such as Zama and Kan continue to attract long term commitments from international operators. Harbour Energy’s third quarter update confirms that Mexico remains central to its future production outlook and to the reshaping of its global portfolio.