Serica Energy said on Thursday it is preparing to sign a rig contract within the coming weeks for a planned multi well drilling program in the UK sector of the North Sea, aiming for organic production growth across its expanded portfolio. The company sees potential to drill up to six wells, with the campaign estimated to run around 400 days and an option to extend.
The drilling is anticipated to begin with the Bruce SCE and SCW wells in the third quarter of 2027, with first production expected roughly 12 months after the start of drilling. Serica describes its portfolio as short cycle projects with the potential to add 30,000 barrels of oil equivalent per day of incremental output, supporting annual average production of over 50,000 barrels of oil equivalent per day into the next decade.
Chief Executive Chris Cox said the company had taken advantage of attractive market conditions to issue a new five year Nordic Bond and refinance its reserve based lending facilities with a new six year facility worth $750 million. He said the moves give Serica substantial liquidity and flexibility as it enters the next phase of organic investment and portfolio growth.
The drilling plan builds on a busy period of deal making. Serica completed its acquisition of a 40 percent interest in the Greater Laggan Area from TotalEnergies in March 2026, adding an operated production and development hub in the West of Shetland basin. The company also recently announced a recommended acquisition of Pharos Energy, which it frames as a first step toward building an international business alongside its UK Continental Shelf position.
For the North Sea, the campaign is a signal that independents still see room to invest in mature basins even as majors rebalance toward LNG and deepwater elsewhere. A firm rig commitment would lock in capacity at a time when North Sea operators are competing for a limited pool of suitable units, and the timeline points to new barrels reaching the market from late 2028.