Harbour Energy PLC on Friday said it has taken a final investment decision alongside its partners for the Southern Energy floating liquefied natural gas export project off the coast of Argentina.
The London-based oil and gas firm holds a 15% stake in the project, which will use two Golar LNG vessels - the Hilli Episeyo and MK II - to process and export around 6 million tonnes of LNG per year, equivalent to 1.0 billion cubic feet per day of natural gas.
The Hilli Episeyo is expected to start production around the end of 2027, followed by the MK II vessel in late 2028. Harbour’s capital expenditure requirement until the start of operations is estimated at around $100 million.
Harbour Energy said the project will benefit from investment incentives under Argentina’s new RIGI law, which includes dollarised revenue for investors after three years of production.
‘Taking final investment decision on Southern Energy marks a significant milestone for Harbour Energy,’ said Martin Rueda, managing director of Harbour’s Argentina business unit. ‘It provides the opportunity to deliver value from our extensive resource position in Argentina and supports the country‘s ambition to become a material exporter of natural gas.’
Shares in Harbour Energy were up 1.7% at 155.50 pence in London on Friday morning.
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