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Member News23rd Nov 2023

Serica Energy farms into Greater Buchan Area

Independent producer Serica Energy is farming into the Greater Buchan Area (GBA) following an agreement to buy a 30% stake from Jersey Oil & Gas (JOG), it said in a stock-exchange statement November 23.

Subject to regulatory and partner approvals, expected early next year, it will be a partner in the NEO-operated P2498 and P2170 licences. Following completion, the partners in the GBA will be Serica Energy (UK) Limited (30%), NEO Energy (50% and operator) and JOG (20%).

Serica will have the option of participating in the re-development of the Buchan field and other potential developments in the GBA, it said. NEO announced it bought a floating production, storage and offloading vessel on behalf of the participants in the Buchan joint venture November 17 (see below).