Serica Energy has successfully re-started production from its Rhum field in the North Sea.
A fault in a subsea control module had necessitated a shutdown of production last month. The module, located on the sea bed, is understood to provide the power and controls to operate the wells at the site, which lies more than 200 miles northeast of Aberdeen.
Mitch Flegg, Serica chief executive, said the work to fix the fault had taken place in adverse weather conditions and in water that was more than 100 metres deep. He confirmed average net production from Serica’s other fields had been equivalent to 15,000 barrels of oil per day during the period Rhum was out of action.
The Serica boss said: “Our skilled teams onshore and offshore have planned and executed the work programme safely and efficiently. This has been an outstanding effort.
“During the Rhum shutdown we have been able to optimise the Bruce production rates, which has helped to minimise cash flow reduction from this production deferral.”
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Separately, IOG, another North Sea-focused oil and gas firm, reported a £4.2 million loss for 2021, compared with a £19.3 million loss the previous year. This week the company has brought its Blythe and Elgood fields into production.
Hurricane Energy also gave an update on its Lancaster field, to the west of Shetland, yesterday. It produced an average of 9,394 barrels of oil in February and had about $71 million of net free cash at the end of the month. Analysts at Panmure Gordon believe Hurricane should be in a position to repay $78.5 million of bonds that are due in July.
Orcadian Energy reported a loss of almost £865,000 for the six months to the end of December. It said it was making progress on plans for the Pilot field in the North Sea.
