Serica Energy, the UK-based upstream oil and gas company, is poised to significantly expand its production capabilities and geographical footprint, embarking on a multi-well drilling campaign in the North Sea while simultaneously pursuing international growth through strategic acquisitions. The firm anticipates signing a rig contract in the coming weeks for a drilling programme estimated to span around 400 days, with an option for extension.
This aggressive organic growth strategy aims to deliver up to six new wells across Serica’s expanded portfolio, with drilling operations expected to commence in Q3 2027. The initial phase will target the Bruce SCE and SCW wells, marking the first new wells at the Bruce field since 2012. First production from these new wells is projected within 12 months of drilling initiation.
Serica’s portfolio of short-cycle projects holds the potential to add 30,000 barrels of oil equivalent per day (boepd) of incremental production, supporting an annual average production exceeding 50,000 boepd into the next decade. The company reported a robust first half of 2026, with production averaging 44,700 boepd, and Q2 alone seeing an average of 50,200 boepd.
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The company has fortified its financial position to underpin these ambitious plans. Serica recently completed the issue of a new five-year Nordic Bond, raising $300 million in April 2026, and successfully refinanced its Reserves-Based Lending (RBL) facilities with a new six-year, $750 million facility. .
Beyond the North Sea, Serica is executing on a strategy of international expansion. The firm completed the acquisition of a 40% interest in the Greater Laggan Area (GLA) from TotalEnergies in March 2026, establishing a new operated production and development hub in the high-potential West of Shetland basin. This acquisition added over 5,000 boepd to Serica’s net production.
More recently, Serica announced the recommended acquisition of Pharos Energy in July 2026, a move intended as the “first step” in its long-standing objective of international diversification.
