Harbour Energy plc HBRIY, a U.K.-based oil and gas firm, has announced a successful gas discovery in the Norwegian Sea. The discovery was made while drilling an appraisal well, identified as 6507/4-5 S, using the Transocean Norge drillship. The gas discovery was confirmed in the production license 211 CS, situated approximately 270 kilometers north of Kristiansund.

Notably, in the Lange Formation (Sabina), the preliminary estimates suggest that the size of the discovery lies in the range of 2.7-6.2 million standard cubic meters (Sm³) of recoverable oil equivalent. The estimates compare to approximately 17-39 million barrels of oil equivalent.

Additionally, for the Lysing Formation (Adriana), the estimates suggest a discovery size of 4-7 million Sm³ of recoverable oil equivalent. This compares to approximately 28-43 million barrels of oil equivalent.

HBRIY is the operator of the production license 211 CS, holding 38.8% working interest. The other licensees in this region include Petoro, Aker BP and Orlen, holding a working interest of 35%, 15% and 11.2%, respectively.

The UK-based energy firm became the license operator after acquiring Wintershall Dea’s asset portfolio. The other licensees plan to tie the new discoveries back to the existing oil and gas infrastructure in the region. 

HBRIY’s Zacks Rank and Key Picks

Currently, HBRIY carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are FuelCell Energy FCEL, TechnipFMC plc FTI and Nine Energy Service NINE, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.

TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a high of $14.7 million in the third quarter of 2024, indicating an 11.1% increase from the previous year’s level. This growing backlog ensures strong revenue growth for FTI.

Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.

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