Harbour's Kan Fuels Major Growth in Mexican Offshore Portfolio

Earlier this year, Harbour Energy successfully appraised the Kan discovery in Block 30 offshore Mexico, significantly increasing its estimate of oil-in-place to 500MM/d. This makes Kan one of the largest offshore discoveries in Mexico since Zama in 2017.

The appraisal campaign, which was completed on time and within budget, validated volumes higher than pre-drill estimates. Based on new data from the appraisal well, Harbour's updated gross recoverable resources for Kan are approximately 150MMb/d, representing a 50% increase over initial projections.

Bernhard Siethoff, Vice President of Exploration and Subsurface for Mexico, Harbour, stated that this successful campaign reflects careful technical planning, collaboration, and execution, marking a major milestone for the company in Mexico. Sergio Calles, Block 30 Exploration and Appraisal Manager, added that the results validate the quality of the Kan discovery and open a clear path toward potential development.

Harbour Energy holds a 70% interest in Block 30, with TotalEnergies holding 30%. The Kan-1 exploration well, initially drilled by then-operator Wintershall Dea in 2023, made the initial oil discovery. Harbour Energy began appraisal drilling operations for Kan in August 2024.

This outcome strengthens Harbour Energy's strategic position in Mexico and supports its broader commitment to regional energy security through responsible and efficient resource development. The company will continue to work closely with government authorities, communities, and stakeholders to align development with national priorities and environmental stewardship.

Harbour Energy’s Results

In its "Full Year Results 2024 and Capital Markets Update," Harbour Energy highlighted strong momentum in Mexico, driven by increased interests in the Zama and Kan fields. The company emphasized that over 80% of its portfolio is concentrated in four key countries: Norway, the UK, Argentina, and Mexico, with "large offshore oil discoveries providing growth options." Specifically regarding its position in Mexico, Harbour Energy reported being the largest international company by reserve and resource base. Its assets include a 32% interest in the giant Zama oil field and the successful confirmation of the Kan oil field. Furthermore, the company has interests in the potential deepwater area development focused on blocks 29 and 4, and operates production from the onshore Ogarrio and offshore Hokchi oil fields.

At Mexico Oil and Gas Summit 2024, Gustavo Baquero, Managing Director and Country Chair, Harbour Energy Mexico, noted that the company’s ESG approach has also benefited from the company’s acquisitions. "With the acquisition of Wintershall Dea, we expanded our assets in Norway and Denmark, and gained key clients in Germany. This has positioned us with Europe’s largest SCC portfolio in terms of carbon capture capacity," Baquero highlights.

Talking about the future of the industry, Baquero said that development in Mexico’s offshore projects will now depend on collaboration between public and private entities. "We will need to come together and organize to ensure the barrels from the Mexican fields are fully developed. If projects like Zama and Trion are optimized and developed, along with others, it could provide a production base of nearly 600Mb/d, which is about a third of the country's current output. The upcoming period is crucial for making these investments, and it will be a significant time for the development of offshore reserves in Mexico,” he said.