Serica Energy plc’s 2024 production fell slightly below the expected decrease due to longer delays following problems with the Triton FPSO vessel.
COMPRESSORS
The annual average totalled 34,600 boepd, less than December’s forecast of 35,000 to 36,000 boepd.
The company said that a subsea intervention last year on the Bruce platform to ensure “enhanced production reliability” on the Rhum field also resulted in a “short period” of unscheduled downtime.
The Bruce hub peaked during Q2 with 24,200 boepd but fell over the final two quarters to average 19,800 boepd.
Triton reached 16,100 boepd in Q1 more than the combined final two quarters of 4,300 and 3,200 boepd, with an average of 9,000 boepd.
Serica’s other assets averaged 5,800 boepd.
Problems with one of Triton’s compressor seals are now resolved and production resumed on 27 December followed by gas exports two days later.
Operations using two compressors at Triton is on schedule for Q1 2025.
As of 5 January 2025 overall production net to Serica has totalled 46,400 boepd.
“Production in the second half of 2024 was clearly disappointing and well below the potential of our asset base,” added chief executive Chris Cox.
“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.”
Serica expects production to improve with contribution from new wells including Gannet GE05 EC1 on the Guillemot North West field (10%), B6 and GE05.
The COSL Innovator rig is due to begin drilling the EV02 well on the Evelyn field (100%), with first production expected in Q2 2025.
The company’s trading report, including guidance for 2025, is expected on 21 January.