Multibillion-dollar oil project getting new operator as Pemex passes the baton to Harbour

December 31, 2025, by Melisa Cavcic

London-listed oil and gas company Harbour Energy is taking over the operator role at a giant oil field in the Sureste Basin off the coast of Tabasco state.

Zama graphic; Credit: Wintershall Dea, now Harbour Energy

Harbour has been appointed operator of the Zama oil project offshore Mexico, thanks to the agreement between the partners, including the country’s state-owned petroleum heavyweight Pemex, Grupo Carso, and Talos Energy. This has been subsequently approved by Mexico’s Ministry of Energy (SENER).

The Zama partners will have the option to appoint key personnel into the UK-listed player’s project team. Discovered in 2017, the oil field, which was appraised in 2018 and 2019, is estimated to contain approximately 750 million barrels of oil equivalent (boe) of gross recoverable resources.

Gustavo Baquero, Harbour’s Managing Director, Mexico, commented: “Harbour’s appointment as operator of the strategically important Zama project is testament to the trust that the Mexican government, including Pemex, places in Harbour and our partners, Grupo Carso and Talos Energy. Once onstream, Zama will contribute materially to Mexico’s domestic energy supply and to Harbour’s production levels.”

The new operator has explained that the next step will be to complete engineering and design work in 2026 ahead of a final investment decision (FID). Zama’s 30-year production sharing contract (PSC) is slated to expire in 2049. This is a shared reservoir that extends from the Talos-operated Block 7 to neighboring Pemex AE-0152-Uchukil Asignación in the Bay of Campeche in Mexico.

A final unitisation resolution (UR) regarding the development of the Zama shallow water field came in 2022. Based on previous estimates, the development is expected to require a $4.5 billion injection of capital.

This covers the planning of two offshore platforms, 68 kilometers of pipelines and cables as well as a new onshore facility, fully dedicated to the project, located in the Dos Bocas Maritime Terminal, in Paraiso, Tabasco.

The operator appointment comes shortly after Harbour Energy decided to bring LLOG Exploration Company (LLOG) into its fold for $3.2 billion, encompassing $2.7 billion of cash and $0.5 billion of its voting ordinary shares.