Fossil Energy – Prime Group
The UK-based independent energy company Harbour Energy has agreed to sell its operated interests in the Natuna Sea Block A field and the Tuna development project, both located offshore in Indonesia, to Prime Group for $215 million.
Harbour Energy holds a 50% operated interest in the Tuna project. As of 31 December last year, Harbour had booked best-estimate contingent resources of 54 million barrels of oil equivalent in relation to the Tuna project.
Harbour is also divesting its 28.67% operated interest in Natuna Sea Block A, which produced an average of 4,000 barrels of oil equivalent per day in the nine months to 30 September 2024.
As of the end of 2024, the company had booked proven plus probable reserves of 7.4 million barrels of oil equivalent (boe) in relation to this production sharing contract.
This acquisition will boost Prime’s E&P portfolio — the company currently has upstream and downstream assets in Indonesia, including a 25% stake in the producing Natuna Sea Block B PSC. According to the company’s website, the Prime Group is ultimately 100% owned by Tony Antonius.
The Natuna Sea Block A sale is effective from 1 January 2025, while the Tuna sale will be effective upon completion. On Monday, the UK player confirmed that completion of the transaction, which is subject to customary regulatory approvals, is targeted for the second quarter of 2026.
Following completion of the deal, Harbour will maintain a presence in Indonesia through its interests in the Andaman Sea discoveries.
