Serica Energy's UK first-half profits and production fall
Serica Energy, an oil and gas company, reported a lower profit for 2024's first half on Tuesday. A tax charge of $106 million was to blame. A planned shutdown of the Triton Hub, located in UK Central North Sea, also affected production. Serica reported that it produced 43.700 barrels equivalent to oil per day (boepd), down from 49.350 boepd last year. Serica said that due to unplanned downtime, its full-year production average is expected to fall below the previously stated range of 41-46,000 boepd, according to a company statement.
UK North Sea Tax Changes Mean $12 Billion Revenue Drop, Industry Body Says
An industry group warned on Monday that the British government's plans to raise a windfall-tax on North Sea oil producers will result in a drop of nearly 16 billion pounds in state revenue and accelerate a fall in production. The Labour government elected in July has stated that the changes will assist in achieving a ramp up in renewable energy and a shift away from oil and natural gas in order to reduce carbon emission and help curb global climate change. Offshore Energies UK, an industry group…
NEO Energy reduces UK investment plans due to fiscal and regulatory uncertainty
NEO Energy announced on Monday that it would slow down its investment in all of its portfolios due to the uncertainty surrounding fiscal and regulatory issues in the British oil sector. NEO is the owner of half the Buchan Horst project in the UK North Sea. Serica Energy, Jersey Oil & Gas and NEO are the joint venture partners. They own 30% and 20% respectively. The British government has decided to delay the assessment of environmental statements as it plans to launch a consultation for new environmental guidelines on oil and gas project.
Serica Hires WilPhoenix Offshore Rig for Rhum Well
Serica Energy has hired Awilco Drilling's WilPhoenix semi-submersible drilling rig for the intervention work on the Rhum-3 ("R3") well in the UK North Sea.The 3rd-Generation, Enhanced Pacesetter, harsh-environment, mid-water, semi-submersible drilling rig will start operations in the fourth quarter of 2020 and last approximately 70 days. The contract follows a letter of intent the two companies signed in February.The work program will involve recovering debris left in the well by…
Serica Energy to Buy BHP Stake in North Sea Fields
North Sea operator Serica Energy has struck a deal with commodities giant BHP Billiton to up its stakes in two North Sea fields, taking it above 90 per cent ownership of the assets.Under the a sale and purchase agreement (SPA), Serica UK will acquire a 16.00% interest in the Bruce field and a 31.83% interest in the Keith field and associated infrastructure (BHP Assets) from BHP Billiton Petroleum Great Britain Limited.The structure of the Transaction is the same as the deals entered into by Serica with BP and Total whereby Serica will acquire interests variously in the Bruce…
Serica Energy Restarts Production at Erskine Field
Serica Energy said that efforts to remove gas hydrates in pipeline between Erskine and the Lomond platform had been successful and it has resumed production for the first time since January." Production from Erskine has restarted and flow rates are being optimised. Further updates will be provided once the re-commissioning process is complete," said a press note from the company.Erskine, in which Serica holds an 18% interest, was suspended in mid-January due to a blocked export pipeline which carried condensate from Erskine to the neighbouring Lomond platform.
US Grants BP, Serica Licence to Run Iran-owned North Sea Field
BP and Serica Energy received a conditional licence from U.S. authorities to continue operating a North Sea gas field partly owned by Iran's national oil company, Serica said in a statement.The U.S. Office of Foreign Assets Control extended a licence for U.S.
BP North Sea Field to Test U.S. Iran Policy
Serica acquires Rhum field from BP, co-owned by Iran; seeks U.S. licence to operate in Rhum field. A small gas field on the edge of the British North Sea could become a litmus test for U.S. policy towards Iran. London-based BP this week agreed to sell to North Sea producer Serica Energy three fields in the ageing offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran's national oil company. For Serica, the $400 million deal will increase its production sevenfold. It nevertheless hinges on the British company receiving a licence from U.S.
A BP North Sea field to test U.S. policy on Iran
A small gas field on the edge of the British North Sea could become a litmus test for U.S. policy towards Iran. London-based BP this week agreed to sell to North Sea producer Serica Energy three fields in the ageing offshore basin, including the Rhum field which is co-owned by a subsidiary of Iran's national oil company. For Serica, the $400 million deal will increase its production sevenfold. It nevertheless hinges on the British company receiving a licence from U.S. sanctions enforcement authorities at a time when President Donald Trump is flexing his muscles against Tehran.
BP to Shed North Sea Bruce Field Stakes
BP said on Tuesday it had agreed to sell stakes in three fields in its Bruce assets in the North Sea to Serica Energy plc. The company said it expects to receive around 300 million pounds ($398 million), with a majority of it in the next four years. Serica said it would buy a 36 percent interest in Bruce, 34.83 percent in Keith and 50 percent in Rhum. BP will retain a 1 percent stake in Bruce. BP currently operates the Bruce assets, which comprise the Bruce, Keith and Rhum fields and related infrastructure assets.
International Expansion leads to success for Exceed
Well management and performance improvement specialist Exceed has reported a positive year in 2016, including a recruitment drive resulting from increased activity both internationally and in the North Sea. Exceed has also seen an increased requirement for engineering studies in 2016, with pre-feasibility engineering work, late life asset management and liability studies conducted on behalf of clients such as Faroe Petroleum, Boskalis, Verus Petroleum, The Oil & Gas Authority, Serica Energy and Houlder Marine.
Dana Gas Announces New Senior Management
Dana Gas PJSC, a publicly listed natural gas company in the Middle East, has announced several key senior management appointments. Chris Hearne was appointed as the Chief Financial Officer of the company on January 4, 2016. Prior to joining Dana Gas, Hearne was with Serica Energy plc, an international oil exploration and production company listed on the AIM market in London, where he served as Chief Financial Officer and Director from 2005. Hearne has over 20 years’ experience within the oil industry having been CFO and Senior Vice President of Erin Energy…
Genel, Partners Find Oil off Morocco
Genel Energy and two partner firms said on Monday they had discovered oil off Morocco, giving a boost to the region whose oil and gas drilling results have so far been mixed. Genel's minority partners in the Sidi Moussa-1 well, Serica Energy and San Leon, announced they had drilled nearly 3,000 metres below the sea and encountered oil. "We are at a very early stage and the presence of hydrocarbons in this frontier block will require further evaluation," said Tony Craven Walker, chief executive of Serica, which holds a five percent interest in the block.
San Leon Energy Provides Moroccan Update
San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to provide an update on its Morocco acreage. San Leon has acquired Petromaroc’s 1.5% net working interest in the Sidi Moussa licence, offshore Morocco. The drilling of the SM-1 well on the Nour prospect is currently underway by the operator, Genel Energy PLC (“Genel”), for a consideration limited to assuming Petromaroc’s share of expenditure of the Minimum Work Obligations. Serica Energy PLC and Genel have been notified of this transfer.
Serica Completes Farm Out to Centrica of East Irish Blocks
Serica Energy plc is pleased to confirm it has now completed the farm out of UK East Irish Sea Blocks 113/26b and 113/27c (Licence P.1482) with Centrica through its subsidiary Hydrocarbon Resources Limited. Under the agreement, HRL has acquired an operated 45% interest in the licence, with Serica retaining 20%,in consideration for HRL bearing Serica’s share of costs associated with the drilling of an exploration well, upto a gross cap of £11 million. In addition, the transaction involved…
Centrica Buys Stake in Irish Sea Gas Field
A subsidiary of Britain's Centrica has completed a deal to buy a 45 percent stake in the Doyle gas prospect in the East Irish Sea from oil and gas explorer Serica Energy. As part of the agreement, Centrica's Hydrocarbon Resources Limited (HRL) will cover Serica's share of exploration costs of up to 11 million pounds. HRL has also gained a 15-percent interest and the operatorship of an adjacent block licence, Serica Energy said in a statement. The Doyle gas prospect is located near a number of existing Centrica gas fields, including the Rhyl field which started producing gas last year.
