Serica Energy Plc (LSE:SER), the UK-focused oil and gas producer, has signed a contract for the Odfjell Drilling-operated Beacon Pacific rig to undertake a multi-well drilling programme across its UK Continental Shelf (UKCS) portfolio, with operations expected to begin in the third quarter of 2027.
The programme initially covers six wells, with options for additional drilling activity. Serica estimates that the opportunities identified across its portfolio could contribute up to 30,000 barrels of oil equivalent per day (boepd) in incremental production, supporting its objective of maintaining portfolio output of approximately 50,000 boepd into the next decade.
Bruce Field Drilling to Target More Than 10,000 Boepd
The first phase of the campaign will focus on the Bruce field, where Serica plans to undertake its first drilling operations since 2012.
The proposed infill wells target 18.6 million barrels of oil equivalent (mmboe) of proved and probable (2P) reserves, with potential initial production exceeding 10,000 boepd net to Serica.
The company expects first production approximately 12 months after drilling begins, subject to operational progress.
The programme forms part of Serica’s strategy to develop additional production opportunities within its existing UKCS asset portfolio.
Additional Drilling Opportunities Across UKCS Portfolio
Beyond Bruce, Serica has identified further drilling opportunities at Kyla, Edradour Royal Sovereign Spinnaker and Tormore.
At Kyla, the proposed redevelopment targets 10.1 mmboe of 2P reserves, with potential initial production exceeding 5,000 boepd. Serica estimates that production could begin approximately five months after drilling commences.
The Edradour Royal Sovereign Spinnaker opportunity targets 5 mmboe of contingent (2C) resources, with potential initial production above 5,000 boepd and an estimated six-month period from drilling commencement to production.
At Tormore, the company has identified potential initial production of approximately 4,000 boepd, with an estimated six-month development period. The volume of reserves or resources targeted has yet to be confirmed.
Progression of additional drilling opportunities remains subject to the necessary partner and regulatory approvals.
Beacon Pacific Rig Provides Additional Operational Capacity
The Beacon Pacific is a sixth-generation semi-submersible drilling rig upgraded to operate in water depths of up to 620 metres.
Serica said the rig is capable of undertaking the range of drilling activities identified across its portfolio.
The agreement also provides flexibility to use the rig for plugging and abandonment operations where required.
The initial contract covers six firm wells, while further options could allow the company to extend the programme depending on future operational requirements and approvals.
CEO Comments on Drilling Programme
Chris Cox, Chief Executive Officer of Serica Energy, stated:
“Securing the rig is an important milestone in delivering our organic growth programme. Our first campaign will be at Bruce – the field’s first drilling programme in almost fifteen years – where we are targeting high-return infill wells with the potential for rapid payback.”
Cox also said the rig would provide flexibility to pursue additional opportunities at Kyla and in the Greater Laggan Area, subject to partner and regulatory approvals.
More About Serica Energy
Serica Energy Plc is an oil and gas exploration and production company with operations on the UK Continental Shelf.
Its portfolio includes the Bruce field and additional development opportunities across the North Sea.
The company is pursuing a programme of infill drilling and field redevelopment projects intended to increase production from its existing asset base.
Leave a Reply