U.K.-based oil firm Serica Energy has informed that Triton floating production storage and offloading (FPSO) unit is not expected to come back online before May 2025, as the company works on finding a long-term solution to stabilize production with the operator Dana Petroleum.
It was previously anticipated that critical repairs on the FPSO, following the aftermath of Storm Éowyn in January, would be completed, and production would resume in mid-to-late March.
However, due to the ongoing maintenance issues and the performance of the Triton FPSO over the last 12 months, Serica Energy and Dana are exploring all options to secure a lasting improvement in the operating performance of the FPSO.
To remind, the outages at Triton FPSO throughout 2024 had negatively impacted Serica Energy's annual output.
“Our frustrations with the ongoing performance of the Triton FPSO have been well documented - it is not good enough for Serica, and it is not good enough for our shareholders.
“Our drilling results around Triton have been tremendous, and these need to be converted into sustained production and cashflow.
“We are working closely with Dana to help support them with the current work, and to drive the change required to deliver a more predictable production performance going forward,” said Chris Cox, Serica's CEO.
The Triton JV has recently received the final draft of a comprehensive third-party engineering study, commissioned by the JV to consolidate prior work, to assess the scope and costs associated with extending the life of the Triton FPSO to a range of Cessation of Production dates up to 2040.
The report has confirmed that, subject to the continuation of the program of maintenance and upgrades, the FPSO has the potential to continue producing well into the next decade.