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Serica Energy Reports Triton FPSO Compressor Issue, Revises Production Forecast

by Anna

LONDON – Serica Energy plc (AIM: SQZ) has announced an interruption in production at its Triton Floating Production Storage and Offloading (FPSO) facility, following a technical issue with the facility’s gas compressor. The problem, identified on October 26, involved a potential dry gas seal failure in the ‘A’ gas compressor. Dana Petroleum, the FPSO operator, confirmed that there was no hydrocarbon leak resulting from the incident and is currently working on the necessary repairs.

As a result of the Triton FPSO downtime, Serica has adjusted its full-year production forecast for 2024. The company, which had initially projected production at the lower end of the 41,000 to 46,000 barrels of oil equivalent per day (boepd) range, now expects output to fall slightly below this target.

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In an update on October 2, Serica had indicated that achieving its original production guidance was contingent on maintaining production levels near 50,000 boepd during the fourth quarter. However, given the current compressor issue, the company has taken steps to mitigate risks, including plans to bring a second compressor online at the Triton FPSO. This initiative, however, is now likely to be delayed until the first quarter of 2025 due to the ongoing repair work.

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Despite the operational challenge at Triton, Serica’s other assets are performing in line with expectations. The company has benefitted from higher gas prices, with the average market gas price for the month to date reaching 97.9 pence per therm, marking the highest level for 2024 so far.

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Serica intends to provide a trading and operations update in mid-November. By that time, the company expects production at the Triton FPSO to have resumed. Additionally, production from the GE-05 well in the Gannet field, where Serica holds a 100% interest, is anticipated to commence shortly after the Triton facility returns to full operation.

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