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Serica Energy PLC on Thursday lowered its production forecast further, due to another suspension of operations at its Triton floating production storage and offloading unit. The North Sea-focused oil and gas firm found a gas compression fault at its Triton unit at the end of October, which had seen all production halted. The company at the end of November said there had been an extended outage following this initial suspension, due to availability issues with the gas export compression unit. Serica had shortly thereafter completed repairs and expected production to start within the following week. However, the firm on Thursday has reinstated that production suspension, due to an issue with one of the unit’s compressor seals. The operator, Dana Petroleum Ltd, will carry out repair works for next two to four weeks. Serica Energy now forecasts 2024 production between around 35,000 and 36,000 barrels of oil equivalent per day. This was lowered from its 37,000 boepd guidance at the end of November, and would represent up to a 2.3% rise from the average 35,167 boepd reported for 2023. The company expects ‘operational vulnerability’ to sustain until the first quarter of 2025, when the repairs have been completed. Current Serica production from its Bruce Hub and other assets total around 28,000 boepd, of which around 22,000 boepd is gas, benefitting from the current gas price of between around 115 and 120 pence per therm. Shares in Serica Energy were down 5.9% at 123.52 pence each in London on Thursday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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