London-listed oil and gas company Harbour Energy has set the wheels in motion to divest natural gas assets off the coast of Indonesia for a cash consideration of $215 million.
While disclosing a sale and purchase agreement (SPA) to sell its operated interests in the producing Natuna Sea Block A gas field and the Tuna gas development project in Indonesia to Prime Group , Harbour Energy explains that the sale is subject to customary regulatory approvals, with completion targeted for Q2 2026.
Steve Cox , Managing Director of Harbour’s Indonesia Business Unit, commented: “This transaction marks a key milestone for Harbour in Indonesia and supports our strategy to focus capital and resources on our most competitive and material opportunities.
“It is also a significant moment for our colleagues in the country, whose hard work and commitment have built Natuna Block A and Tuna into high quality assets over many years. I wish them well as they enter a new chapter under the experienced ownership of Prime Group.”
Harbour’s production averaged 11,000 barrels of oil equivalent per day (boepd) in 2024, including 5,000 boepd from Indonesia and 6,000 boepd from Vietnam. Last year, the UK player amended its gas sales agreements with the Singapore buyers of Natuna Sea Block A gas, increasing the take-or-pay commitment under a tiered pricing structure, enabling higher production in the second half of 2024.
A multi-well exploration and appraisal campaign was also completed last year across the company’s Andaman Sea acreage, resulting in material gas discoveries at Layaran and Tangkulo on Andaman South (Harbour 20%).
In addition, the firm secured a 60% operated interest in the Central Andaman license, which entails an extension of the Layaran discovery. At the Tuna project, the plan of development was approved by the Indonesian government in December 2022.
However, subsequent progress was impacted by EU/UK sanctions , which prevented Harbour as operator from undertaking further work on the project while its Russian partner was on the license.
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The UK firm is actively searching for more hydrocarbons, as illustrated by a permit it obtained in Norway to spud a wildcat well in the North Sea, with Transocean’s semi-submersible rig.