Production Snafu: Serica Energy's Triton Troubles

Serica Energy forecasts lower full-year production due to an extended outage at its Triton hub in the North Sea. Issues arose from gas export compression problems, but repairs have been completed. Analysts expect production challenges to linger, impacting future estimates.

Serica Energy has revised its full-year production forecast downward following prolonged production outages at the Triton hub in the North Sea, stemming from issues with gas export compression.

Repairs on the Triton's single gas compressor have been completed, and production is expected to restart this week, although operational vulnerabilities will persist until maintenance works conclude in Q1 2025.

Serica projects 2024 production to be around 37,000 barrels of oil equivalent per day, down from the earlier forecast of 41,000-46,000 boepd, suggesting continued challenges as detailed by analysts at Peel Hunt Research.

(With inputs from agencies.)