UK-based oil and gas company Serica Energy has disclosed its production figures for 2024 ahead of a detailed trading update scheduled for 21 January.
The company anticipates an increase in production rates as the phased restart of the Triton fields continues following a successful resumption of production into the Triton floating production, storage and offloading vessel on 27 December and the restart of gas exports on 29 December.
The company is on track to resume operations with two compressors at Triton in Q1 2025, a capability not seen since Q1 2024.
After comprehensive analysis and remedial work, the export gas compressor was successfully restarted.
Although the process of restarting Triton extended to the longer end of the initial timeline shared on 5 December, Serica Energy managed to average 34,600boepd across 2024.
As of 5 January 2025, the company’s overall net production stood at 46,400boepd.
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By GlobalDataFull production at the expected rate is expected as all wells, including the new Gannet GE05 well, come online.
Drilling and completion operations on the EC1 well in the Guillemot North West field have concluded, with the well expected to begin production in Q1 2025.
The COSL Innovator rig is preparing to drill the EV02 well on the Evelyn field, with first production anticipated in Q2 2025.
Serica Energy CEO Chris Cox said: “Production in the second half of 2024 was clearly disappointing and well below the potential of our asset base. We and our partners are working to improve planning and procedures to optimise maintenance and maximise production resilience going forward.
“At Triton the key issue has been operating vulnerabilities associated with reliance on a single gas export compressor, and we have stayed in touch closely with the FPSO operator as they worked through root cause analysis in relation to the repeated issues seen in H2 2024.
“We understand what has caused these issues and, together with our partners, are implementing improvements to support better and more reliable future performance. As the Triton operations continue their ramp-up, we look forward to seeing both enhanced production as the new wells drilled during 2024 contribute fully, and more resilient operations, as we resume operations with two compressors in Q1.”
Serica Energy’s asset portfolio includes the Bruce, Keith and Rhum fields in the northern UK North Sea, which it operates, as well as a mix of operated and non-operated fields tied back to the Triton FPSO.
The company also operates the Columbus and Orlando fields in the UK central and northern North Sea, respectively, and holds a non-operated interest in the Erskine field in the UK central North Sea, along with several earlier stage licences.
