Serica Energy cuts production view amid further disruption at Triton
Serica Energy PLC on Wednesday said further maintenance is required at the Triton Floating Production Storage & Offloading unit resulting in a temporary reduction in production.
The North Sea-focused oil and gas producer suspended production at the FPSO back in January, following issues resulting from Storm Eowyn.
In August, Serica Energy said production had resumed with activity ramping up in line with its expectations.
In addition, Dana Petroleum, which operates the Triton FPSO, has told the company that subsea intervention work on the Bittern field has been scheduled for November.
The resultant production deferrals mean that Serica’s production guidance for 2025 has been reduced to 29,000 to 32,000 barrels of oil equivalent per day from 33,000 to 35,000 boepd previously.
Shares in Serica Energy fell 16% to 149.77 pence each in London on Wednesday morning.
Due to a vibration issue within the compression trains on the Triton FPSO, production is currently running at a significantly reduced rate, the company explained.
Normal production operations are expected to resume around the end of September while production, net to Serica, from the Triton FPSO, reached over 25,000 boepd in August.
Work on the Bittern field subsea infrastructure is scheduled to take three weeks to complete.
Given the location of the pipework, in addition to the Bittern field this will also halt production from the Evelyn and Gannet fields, resulting in a temporary reduction of over 20,000 boepd net to Serica.
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