Serica Energy has recently signed a contract with Odfjell Drilling to utilize the semi-submersible rig Beacon Pacific. This contract is aimed at executing a multi-well drilling campaign in the North Sea, specifically in the Bruce field, next year. This move marks the company's first drilling operation in this field in nearly fifteen years.
Drilling Contract Details
The contract includes the drilling of six wells, with options for additional activities also considered. Drilling is expected to commence in the third quarter of 2027, aiming to achieve over 10,000 barrels of oil equivalent (boepd) in additional production. This additional production will help maintain an overall production of 50,000 boepd over the next decade.
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The Beacon Pacific rig, built in 2017, is capable of operating at depths of 620 meters and has been well-prepared to address all identified drilling opportunities for the company. Additionally, this rig can also be used for plugging and abandonment (P&A) activities.
Operational and Economic Implications
Serica Energy views this contract as a milestone in its organic growth plan, stating that the drilling campaign in the Bruce field, as the first drilling program in this field in nearly fifteen years, aims to drill high-yield wells with a potential for quick return on investment. The use of the Beacon Pacific rig also allows the company to continue exploring additional opportunities in the Kila and Greater Logan areas, pending approval from partners and regulatory bodies.
Odfjell Drilling has also confirmed that it has taken on the drilling contract for Serica Energy with the Beacon Pacific rig and will be responsible for the operational management of the rig throughout the contract period. This includes the rig's relocation and transfer to the UK and refurbishment activities that have partially commenced prior to Serica Energy's management takeover of the rig.
This agreement comes a few weeks after Serica Energy successfully acquired assets that include a 15% non-operating interest in the Cygnus gas field and a 25% non-operating interest in the Clipper South gas field. This acquisition has helped expand the company's asset portfolio.
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