Serica thirsty for more
The UK independent is in no mood for giving up on acquisitions after a major deal last year
North Sea oil and gas producer Serica Energy is aiming for further deals to complement its $370mn acquisition of three BP fields in the last year, according to the firm's CEO Mitch Flegg. But the focus is on specific assets rather than the portfolio sales that have characterised the region's M&A landscape of late. The Aberdeen-based firm's leadership credits its steely focus on enhanced recovery and cost-cutting for a rise in gross profits by 30.6pc to $22mn last year. With its deal to take a 98pc stake in Bruce, 50pc in Rhum and 100pc in Keith, all previously operated by BP, coming into effect from 1 January 2018, full-year production rose to over 24,000 bl/d, from just 2,000 bl/d in 20
Also in this section
16 April 2025
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
15 April 2025
Loss of US shipments of key petrochemical feedstock could see Beijing look to Tehran with tariffs set to upend global LPG flows
15 April 2025
Australia’s East Coast Gas projections for a supply shortfall have been pushed further out, but the challenge to meet evolving gas demand and the shifting assumptions around the fundamentals remain just as stark
15 April 2025
Long-delayed prospects for onshore LNG production in Mozambique have improved thanks to US financing approval, but security challenges blight way ahead
