Serica Energy has successfully concluded its planned summer shutdowns on the Bruce and Triton hubs in the North Sea. The company reported the re-establishment of robust production levels at both fields following the completion of the shutdown campaigns. Serica's CEO, Mitch Flegg, noted that the company achieved production rates exceeding 50,000 barrels of oil equivalent (boe) per day over the past month. The overall production guidance for the year remains unchanged, reflecting delayed production restarts and a slower-than-expected ramp-up after the summer shutdowns. The company's average production entitlement over the last four weeks has been just over 52,000 boe per day.
In addition to the operational updates, Serica provided information on its licensing activities. The company completed the acquisition of a 30% interest in the Greater Buchan Area. Furthermore, the founders of Tailwind Energy, which was acquired by Serica for £367 million earlier this year, are set to depart the company in March 2023. The departure of the three Tailwind Energy executives is part of the transition following the acquisition.
Serica Energy continues to navigate its operational activities in the North Sea and strategic developments in its portfolio, including licensing and organizational changes resulting from recent acquisitions.