Serica Energy Faces Significant Delays in North Sea Production

UK's Serica Energy announced that delays in repairs will push the resumption of production from its North Sea Triton FPSO unit to May, following damages from Storm Eowyn. CEO Chris Cox expressed frustration over ongoing maintenance issues impacting the company’s production and firm discussions with operator Dana Petroleum.

Serica Energy, a UK-based company, revealed on Wednesday that repairs to its Triton floating production storage and offloading (FPSO) unit in the North Sea will delay production. Initially set to resume in mid-to-late March, production is now expected to restart in May due to ongoing repairs following Storm Eowyn's January damages.

These production delays emerged after extensive discussions with the unit's operator, Dana Petroleum. CEO Chris Cox publicly voiced his dissatisfaction with Triton's performance, stating that both Serica and its shareholders find the current situation unacceptable.

Last year, outages at Triton significantly impacted Serica's annual output. With ongoing technical issues and subpar FPSO performance, the company is in discussions with Dana Petroleum to explore long-lasting improvements. Serica has also put its forecast for producing 40,000 barrels of oil equivalent per day under review.

(With inputs from agencies.)