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Serica Energy PLC on Wednesday reported a fall in oil equivalent production for 2025 but says output has since jumped significantly. The London-based oil and gas producer in UK North Sea said average annual production was 27,600 barrels of oil equivalent per day in 2025, down 20% from 34,600 boepd in 2024 and in line with guidance. The average realised Brent oil price came down 11% on-year to $67 per barrel in 2025 from $75 in 2024. Revenue fell 17% to $601 million from $727 million. In the year-to-date in 2026, production has jumped to 43,000 boepd, up 56% from 2025, with current rates about 50,000 boepd or 81% higher than in 2025. Serica cited a ‘materially expanded portfolio’ and increased asset reliability which in combination result in the material on-year increase in average annual production. Chief Executive Officer Chris Cox said: ‘Serica enters 2026 as a stronger, more resilient company, with increasingly diversified production and revenues that are set to rise materially from 2025 levels. Our recently announced acquisitions, as they complete throughout the year, will more than double the number of producing fields in our portfolio and materially add to cash generation, supporting our strategy of delivering value to investors through both growth and shareholder returns. ‘The expansion of our portfolio is delivering a greater number of attractive organic growth options, allowing us to cherry-pick those that offer the greatest return on investment, growing and sustaining material cash-generative production for Serica into the next decade.’ Serica shares rose 2.34% to 203.50 pence each on Wednesday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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