Harbour Energy PLC (LSE:HBR) has agreed to acquire LLOG Exploration Company LLC for $3.2 billion, to enter the Gulf of America.
The transaction comprises $2.7 billion in cash and $0.5 billion in Harbour shares, and, upon completion, LLOG will become Harbour’s Gulf of America business unit.
The transaction marks Harbour’s entry into the deepwater Gulf of America. LLOG’s operations include production of 34,000 barrels of oil equivalent per day, 271 million barrels of 2P reserves and low breakeven costs. The portfolio is oil-weighted and focused on assets in Mississippi Canyon and Keathley Canyon.
“Today’s announcement delivers on Harbour’s long-standing ambition to establish a presence in the deepwater Gulf of America,” said Harbour chief executive Linda Z Cook.
“With LLOG, we found the right combination of high-quality assets and a talented team, providing a strong strategic and cultural fit with our company.”
The North Sea firm, which presently produces some 450,000 barrels of oil equivalent per day, said the new US acquisition is expected to close in the first quarter of 2026.