en.Wedoany.com Report on Mar 27th, Serica Energy has recently completed the acquisition of a 40% operating interest in TotalEnergies' Greater Laggan Area assets, gaining a strategic foothold in the West of Shetland basin and establishing a new operating natural gas hub on the UK Continental Shelf.

This transaction brings Serica over 5,000 barrels of oil equivalent per day (boe/d) in net production, along with operational rights to key infrastructure including the Shetland Gas Plant, positioning the company as a central processing hub in a significant UK gas region.

The Greater Laggan Area assets include the producing Laggan and Tormore fields, along with additional potential from near-field development and exploration areas. Serica highlighted multiple organic growth opportunities associated with the location, including the Glendronach tie-back project and infill drilling potential at Tormore, as well as four operated exploration licenses in the surrounding area.

The company stated that this acquisition strengthens its role in supporting the UK's natural gas supply, providing the possibility for potential third-party processing and future connections within the basin through control of critical infrastructure. As of the end of 2025, the net 2P reserves of these assets are estimated at approximately 4.0 million boe, with 2C resources at 5.4 million boe.

Under the terms of the deal, Serica paid a nominal consideration of £1 and received approximately $55.7 million, reflecting the post-tax cash flow generated from the economic effective date of January 1, 2024, to completion.

This move marks a strategic expansion of Serica's UK portfolio, increasing its operational scale and gas-weighted production, with the basin expected to play a significant role in the country's energy security outlook.