REG - Harbour Energy PLC - Southern Energy SA – Final Investment Decision

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RNS Number : 1536H  Harbour Energy PLC  02 May 2025

Harbour Energy plc

("Harbour" or the "Company")

2 May 2025

 

Southern Energy SA - Final Investment Decision

 

Harbour and its partners - Pan American Energy, YPF, Pampa Energia and Golar
LNG - have taken Final Investment Decision (FID) for the Southern Energy
floating liquefied natural gas (FLNG) export project in Argentina.

 

Harbour has a 15% interest in the project which envisages deploying two of
Golar LNG's FLNG vessels - the Hilli Episeyo and MK II - off the coast of the
Rio Negro province. The project is expected to have processing and export
capacity of c.6 million tonnes per year of LNG, equivalent to 27 million cubic
metres per day (or 1.0 billion cubic feet per day) of natural gas.

 

The Southern Energy partners are targeting production start-up from the Hili
Episeyo around year-end 2027 with the MK II expected to commence operations
end 2028. Harbour's capex requirement to the point of commercial operations is
expected to be c.$100 million.

 

Under the recently enacted legislation, the 'RIGI' (Régimen de Incentivo para
Grandes Inversiones), Southern Energy has been granted certain investment
incentives including dollarisation of revenues after three years of
production.

 

The upstream partners in Southern Energy will supply the natural gas for the
FLNG project, enabling Harbour's natural gas resource in Argentina to access
global natural gas markets and international prices.

 

Martin Rueda, Managing Director of Harbour's Argentina Business Unit,
commented:

"Taking final investment decision on Southern Energy marks a significant
milestone for Harbour Energy, providing the opportunity to deliver value from
our extensive resource position in Argentina.

 

As the country's first LNG project under the RIGI, it also marks an important
milestone in supporting Argentina's ambition to become a material exporter of
natural gas. We look forward to working together with our partners and
stakeholders to safely and efficiently deliver this project."

 

Enquiries

Harbour Energy
plc
+44 (0) 203 833 2421

Elizabeth Brooks, SVP Investor Relations

Andy Norman, SVP Communications

 

Brunswick (PR advisors)
 
+44 (0) 207 404 5959

Patrick Handley

Will Medvei

 

 

 

Notes to editors

The Southern Energy SA partners are Pan American Energy (30%), YPF (25%),
Pampa Energia (20%), Harbour Energy (15%) and Golar LNG (10%)

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