Harbour Energy, the North Sea's biggest producer of oil and gas, is set to complete a major acquisition months earlier than expected.
It was announced that the energy giant would acquire all of Wintershall Dea's non-Russian assets in a share and cash deal with $11.2bn (£8.82bn) late last year.
The deal was expected to close the Q4 of 2024, though that has now been brought forward to next month following progress being made on satisfying condition to completion.
Harbour has long sought to expand into other areas of production, after the Energy Profit Levy (EPL) forced the company to shed 350 of its Aberdeen-based staff.
The deal will almost triple the company's current output of 190,000 barrels a day, up to 500,000 barrels a day.
Acquired assets include Wintershall Dea's upstream assets in Algeria, Argentina, Denmark, Egypt, Germany, Libya, Mexico and Norway.
The deal also includes Wintershall Dea's carbon capture and storage licenses in Europe.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 26-points at 8,353 shortly after opening this morning.
Brent crude oil futures were down 0.02%, trading at $81.41 a barrel.
Companies reporting today
- BHP - Full Year Results
- Bunzl - Full Year Results