Serica Energy lowers production guidance due to slow Triton FPSO ramp-up

Serica Energy has announced that the ramp-up to steady-state production at the Triton floating production, storage and offloading (FPSO) vessel has been slower than the timetable provided by the operator, Dana Petroleum. The company now expects production to reach a stable level in August.

The FPSO successfully restarted production in July following a prolonged maintenance and repair shutdown. However, after the initial resumption from the Bittern field, a problem with the gas lift system prevented other fields from being brought back online. Other minor issues also required a short cessation of production for repairs.

As a result of the delayed ramp-up, Serica has lowered its 2025 production guidance to between 33,000 and 35,000 barrels of oil equivalent per day (boepd), down from a previous range of 33,000 to 37,000 boepd.

Chris Cox, Serica's CEO, described the slower-than-expected progress as "frustrating". He stated that the company's production from other assets is currently robust at almost 30,000 boepd and that the full portfolio has the potential to produce over 55,000 boepd once all the Triton fields are back online. He added that Serica is continuing to, "drive discussions with senior management at Dana regarding the optimal way to run the FPSO going forward."