Harbour Energy Appointed Operator of Zama Project

Harbour Energy (LON: HBR) has been designated as the operator of the Zama oil project offshore Mexico, a move poised to significantly impact both Mexico's energy sector and Harbour's future production.

The appointment, effective December 31, 2025, was agreed upon by the Zama partners, including Pemex, Grupo Carso, and Talos Energy, and subsequently approved by Mexico's Ministry of Energy (SENER).

The Zama oil field, discovered in 2017, holds substantial estimated gross recoverable resources of approximately 750 million barrels of oil equivalent (mmboe).

This development marks a critical step forward for the project, signaling progress towards increased energy production in Mexico and a potential revenue stream for Harbour Energy.

The next key phase involves completing detailed engineering and design work throughout 2026. This preparatory stage is crucial for setting the stage for a final investment decision (FID), which will ultimately determine the project's progression towards full-scale development and production.

Harbour's appointment underscores the confidence placed in the company by the Mexican government and its partners.

The company's expertise in offshore operations likely played a significant role in securing this prestigious role. The involvement of Pemex, the state-owned petroleum company, further solidifies the government's commitment to the project's success.

Gustavo Baquero, Managing Director, Mexico, emphasized the strategic importance of the project stating that, “Harbour's appointment as operator of the strategically important Zama project is testament to the trust that the Mexican government, including Pemex, places in Harbour and our partners, Grupo Carso and Talos Energy. Once onstream, Zama will contribute materially to Mexico's domestic energy supply and to Harbour's production levels.”

Driver Breakdown:

• Strategic Significance: Zama is a key project for Mexico's energy independence.
• Resource Potential: 750 mmboe of recoverable resources represent a substantial asset.
• Partnership Strength: Collaboration with Pemex, Grupo Carso, and Talos Energy de-risks the project.

The Zama project is expected to contribute significantly to Harbour's production levels once it comes online. This increased production will bolster Harbour's revenue and cash flow, potentially leading to increased shareholder value through dividends or share buybacks. The specific impact on Harbour's financials will depend on the final investment decision and subsequent production rates.

The successful development of Zama will not only benefit Harbour Energy but also contribute to Mexico's energy security. The project is expected to boost domestic energy supply, reducing the country's reliance on imports. This positive impact on Mexico's energy sector could further enhance Harbour's relationship with the Mexican government and create opportunities for future collaborations.