Serica Energy plc announced an increase in oil and gas reserves based on independent estimates for the company and its acquisition Tailwind.
FACTORS
As at 31 December 2022, pro-forma proved plus probable (2P) reserves had risen to 130.4 mmboe compared with 104.0 mmboe on 31 December 2021.
The company said that the net increase was more than three times the amount produced in 2023, with a near even split of oil and gas reserves.
Approximately 58% of combined production from the two portfolios in 2022 was gas.
Serica added that the increase was due to maturation of contingent resources to 2P reserves following sanction of four infill wells in Triton area fields and well work on Bruce field.
Planning has also started for Bruce infill drilling and production extended at the Bruce and Triton hubs from 2030 to 2035.
Downward revisions in 2P reserves were linked to the Columbus field because of poor well performance, and the Orlando field with possible cessation of service from Ninian host facility at the end of 2026.
Chief executive Mitch Flegg added that the estimates reflected the company’s drive to enhance recovery of hydrocarbons, extend the productive lives of the Bruce and Triton hubs and meet the objectives of the North Sea transition deal.
“All the reserves additions reported today are associated with fields that are already producing and, therefore, do not depend on new field development consents or the installation of new infrastructure.
“Following the acquisition of Tailwind, Serica is a top 10 producer in the UKCS and a significant contributor to the UK’s energy security.”