Serica Energy PLC (AIM:SQZ) described its second-half production as 'clearly disappointing' and below the potential of its assets.
The North Sea oiler, in a statement, said that production in 2024 averaged 34,600 barrels of oil equivalent per day (boepd) for 2024, with contributions of 19,800 boepd from the Bruce Hub, 9,000 boepd from the Triton Hub, and 5,800 boepd from other assets.
As of 5 January, the rate was up to 46,400 boepd and the company expects it to rise further as its Triton operations ramp up.
In 2024, Trion volumes were encumbered by compressor issues and unscheduled downtime – issues which the company says have been partially resolved. An export compressor came online in December, and two other compressors are expected to resume during the first quarter of 2025.
“We and our partners are working to improve planning and procedures to optimise maintenance and maximise production resilience going forward,” chief executive Chris Cox said.
“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.”
Cox added: “As the Triton operations continue their ramp-up, we look forward to seeing both enhanced production as the new wells drilled during 2024 contribute fully, and more resilient operations, as we resume operations with two compressors in Q1."
Elsewhere, Serica guided that its programme of well drilling and completion is ongoing, with its EC1 well on the Guillemot North West field anticipated to enter production in Q1 2025.
Serica said it is also preparing to start operations for the EV02 well at the Evelyn field, with first production projected for Q2 2025.