(Reuters) -Britain’s Serica Energy lowered its annual production forecast on Wednesday for the second time in a month, following a fresh disruption at the Triton floating production storage and offloading vessel.
Production at the vessel, which is operated by Dana Petroleum, has been temporarily halted from September 30 due to a flare system issue, said Serica, adding that operations were likely to restart shortly but with limited rates.
The vessel has posed challenges for Serica with persistent issues over the past year. Serica cut its output forecast last month due to “vibration issues”, and in October last year, a problem with a single gas compressor had hurt production.
“It is incredibly frustrating to once again be reporting on a non-operated asset that should be performing better than it is,” CEO Chris Cox said in a statement, adding that the company was stepping up talks with Dana on the running of the vessel.
Serica said it now expects fiscal 2025 production to be below the previous forecast range of 29,000 to 32,000 barrels of oil equivalent per day, despite the vibration issues being resolved on September 23.
Jefferies analysts said if Serica’s deal last week for Prax Upstream, the sole operator of the Lancaster oilfield in the UK’s North Sea, was a positive, the production downgrade was a “negative offset.”
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Subhranshu Sahu)
