Region: North Sea
Content Types: Report
Date: Jan, 2022

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Serica Energy, a British independent oil and gas exploration and production company with a portfolio of exploration, development and production assets, has indicated its intention to pursue a well intervention campaign in the years to come.

In its recently published Corporate Update presentation for the year ended 31 December 2021, the company made the announcement alongside its intention to continue with its programme of through-cycle investment in its diversified portfolio of assets; drilling for the North Eigg exploration well in the summer of 2022; and its plans to grow cash balances to offer increasing options for futher investment, acquisition and distributions.

In the statement, the company wrote, “Plans are also in place for a well intervention campaign to take place in 2022 to improve the production potential of several Bruce and Keith wells during subsequent years.”

Bruce and Keith are two assets off the coast of the Orkney Islands. Together with Rhum, they provide a significant contribution to the UK gas demands and are estimated to contain net 2P reserves of 50.9 mmboe as of 01.01.21, of which more than 80% is gas.