Harbour Energy Begins First Oil Production From Maria Phase 2

Harbour Energy plc HBRIY has announced the successful commencement of oil production from the Maria Phase 2 project in Norway. This development involves a four-well subsea tie-back to existing infrastructure at the Maria field, located in the Norwegian Sea. The first of the four wells has come online safely, on schedule and within budget, with the remaining expected to follow over the coming months.

The successful oil production from Maria Phase 2 validates the company’s track record of developing high-return, short-cycle projects using existing infrastructure. The oil production also marks the first of the next wave of subsea developments that the company is aiming to bring on-stream to support production from its Norway business.

HBRIY’s Subsea Engineering

TechnipFMC was awarded an integrated EPCI (engineering, procurement, construction, and installation) contract for Maria Phase 2 in April 2022. One of the major milestones was the installation of a new six-slot template, which was transported by the North Sea Atlantic vessel and positioned 300 meters below the sea surface in 2023.

The revised Plan for Development and Operation, approved in June 2023, aimed to add approximately 22 million barrels of oil equivalent to the field’s reserves. Harbour Energy took over operatorship of the Maria field following its acquisition of Wintershall Dea’s upstream assets.

Strengthening Norway’s Offshore Energy Future

The Maria Phase 2 project is a strategic component in Harbour Energy’s broader mission to boost oil and gas production using existing platforms. With partners Petoro (30%) and Sval Energi (20%), Harbour Energy (50% operator) is set to keep the Maria field productive until at least 2040 with hydrocarbon production, reinforcing its long-term commitment to offshore energy development in Norway.

HBRIY’s Zacks Rank & Key Picks

UK-based Harbour Energy is an independent oil and gas company, formerly known as Premier Oil plc. Currently, HBRIY has a Zacks Rank #4 (Sell).

Investors interested in the energy sector might look at some better-ranked stocks like Flotek Industries, Inc. FTK, Global Partners LP GLP and RPC, Inc. RES. While Flotek Industries and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, RPC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2025 earnings indicates 55.88% year-over-year growth.

Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. The company owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for Global Partners’ 2025 earnings indicates 17.84% year-over-year growth.

Atlanta, GA-based RPC is an oilfield service provider in almost all of the prospective plays, like the Rocky Mountain regions, Appalachian area, Gulf of Mexico and other resources in the United States. The Zacks Consensus Estimate for RES’ next quarter earnings indicates 33.33% growth.

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This article originally published on Zacks Investment Research (zacks.com).

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