Serica Energy eyes first production from North Sea’s Buchan field in Q4 2026
(WO) – Serica Energy plc announced the completion of the acquisition by its wholly owned subsidiary, Serica Energy (UK) Limited, of 30% non-operated interests in the P2498 and P2170 licenses (together the Greater Buchan Area (“GBA”)) from Jersey Oil & Gas (“JOG”).
The transaction allows Serica the option to participate in the re-development of the Buchan field (formally re-named “Buchan Horst”) and other potential projects in the GBA, such as the development of the J2 and Verbier discoveries.
The target for first production from Buchan is Q4 2026. On completion, Serica made a cash payment to JOG of $7.5 million. The remainder of the potential consideration is in the form of a Buchan development cost carry and contingent amounts linked to certain future events.
Mitch Flegg, Chief Executive of Serica, said, “We are pleased to have completed this transaction which creates the possibility of adding a third production hub to Serica’s North Sea portfolio. As a potential domestic source of oil and gas with a low level of production emissions, a provider of quality jobs for UK workers and a generator of much needed future tax revenues, Buchan is the sort of project the UK needs as part of the energy transition.”
The partners in the GBA are Serica Energy (UK) Limited (30%), NEO Energy (50% and operator) and JOG (20%).
