Serica Energy PLC on Tuesday said production performance in the second half of 2024 had been ‘disappointing’ due to challenges at its Triton hub.
The North Sea-focused oil and gas producer said it averaged 34,600 barrels of oil equivalent per day for the year. Production in the fourth quarter slipped to 25,100 boepd from 26,000 in the third quarter, 42,400 in the second, and 45,100 in the first.
Chief Executive Officer Chris Cox attributed the decline to issues with a single gas export compressor at Triton, which caused extended downtime.
‘Production in the second half of 2024 was clearly disappointing and well below the potential of our asset base,’ he said, adding that Serica and its partners have ‘worked through root cause analysis in relation to the repeated issues seen in the second half of 2024.’
The company reported that production at the Triton FPSO resumed on December 27, with the export gas compressor successfully restarted and gas exports beginning on December 29.
Serica expects that restoring two-compressor functionality in the first quarter of 2025 will drive stronger performance throughout the year.
Serica will provide a trading update on January 21.
Shares in the company were down 1.4% at 148.71 pence each in London on Tuesday morning.
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