Harbour Energy has agreed to acquire LLOG Exploration Company (LLOG) from LLOG Holdings LLC for $3.2bn, to establish a "top tier position" in deepwater Gulf of America.

The deal comprises of $2.7bn in cash and $500m in Harbour’s voting ordinary shares.

Harbour said the acquisition of LLOG marks its strategic entry into the region, strengthening its global portfolio and establishes another core business unit alongside its positions in Norway, the UK, Argentina and Mexico.

Furthermore, it supports the firm’s production of 500 thousand barrels of oil equivalent per day by the end of the decade, while also enhancing its 2P reserves life from seven to eight years.

Harbour also expects to secure 11 deepwater leases from the recent Gulf of America federal lease sale.

On completion of the deal, which is expected to occur in late Q1 2026, LLOG Holdings will own 11% of Harbour’s listed voting ordinary shares, with Harbour’s current shareholders owning 89%.

Chief executive officer at Harbour, Linda Z Cook, said that the new deal delivers on its long-standing ambition to establish a presence in the region, with LLOG providing the right combination of high-quality assets.

She added: "The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth. The oil-weighted, deepwater LLOG portfolio enhances our production profile, provides significant operational control, extends reserve life and improves our margins.

"In addition, the LLOG organisation brings decades-long experience in the Gulf of America with a successful track record, creating a solid foundation for Harbour in the area."

CEO at LLOG, Philip LeJeune, added: "We are pleased to be joining an outstanding company and believe that by uniting our teams and expertise, we're unlocking new possibilities, empowering our people, and setting the stage to achieve extraordinary results with Harbour.

"As we look to the future, we remain dedicated to maintaining the same high ethical and operational standards that have helped guide us for the past 48 years, but with a new partner whose shared vision of growth, innovation, and operational excellence will help us achieve significant successes through a strong collaborative culture."

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