Harbour Energy raises the lower end of its annual production range

Harbour Energy, a North Sea-based oil and gas company, raised its lower range of production guidance on Thursday after reporting a surge in the first quarter output. This was due to a growing portfolio as well as improved prices in Europe.

Harbour Energy expects to produce 455-475 thousand kboepd of oil equivalents per day for the full year, up from the 450-475kboepd previously forecast.

Oil companies in the UK are under pressure from increased taxes, decreased investments and the push to renewable energy. The biggest producer in the North Sea is now focusing on Europe.

Harbour Energy announced that Norway is now its biggest producing country following the acquisition by Wintershall Dea of assets from Germany.

Energy industry also faces pressure on oil prices due to the ongoing global war of trade and increased supplies from oil-producing nations.

In a press release, CEO Linda Z Cook stated that "recent market volatility confirms the benefits of a diverse portfolio and our cautious approach to risk management."

Harbour Energy announced on Wednesday that it would be cutting 250 jobs at its UK-based unit in Aberdeen, or approximately 25% of their workforce.

(source: Reuters)