Serica Energy has completed the acquisition of an operated 40% interest in the Greater Laggan Area (GLA), in the West of Shetland area, after closing an agreement with TotalEnergies. With this move, the British company takes a key step toward establishing itself as a strategic operator in one of the UK’s most promising regions for natural gas production.
An operated hub with growth potential
The acquired package includes the Laggan and Tormore fields, as well as the Shetland Gas Plant, critical infrastructure for gas processing in the region. This plant positions Serica as a host for third-party operators and enables future developments in the basin. Four nearby exploration licenses are also included, which could add new volumes in the short to medium term.
Thanks to this transaction, Serica Energy adds current net production of more than 5,000 barrels of oil equivalent per day (boepd). According to independent estimates as of December 2025, the assets contain 2P reserves of 4.0 million boe and 2C resources of 5.4 million boe.
A symbolic payment and an immediate return
The acquisition was completed for a symbolic sum of £1. In return, Serica received a payment of US$55.7 million, corresponding to net after-tax cash flows from January 1, 2024, through the deal’s completion date in March 2026. This structure reflects confidence in the assets’ present value and the strong cash generation they have maintained over the past year.
Strengthening the growth strategy
The addition of the GLA aligns with the Serica growth model, which combines stable production, investment in organic developments, and selective acquisitions. This move complements its current assets in the Northern North Sea (Bruce, Keith, and Rhum fields) and in the Central North Sea (tied back to the Triton FPSO), strengthening its presence across the UK Continental Shelf.
In addition to the agreement with TotalEnergies, Serica plans to complete in the second half of 2026 the acquisition of additional interests from Spirit Energy and ONE-Dyas, which will expand its influence in key fields such as Cygnus, Clipper South, Catcher, and Golden Eagle.
Serica and its role in UK energy security
With this acquisition, Serica Energy strengthens its contribution to the UK’s energy supply. The company currently accounts for approximately 10% of the country’s total gas production and has invested more than £1 billion in the domestic supply chain since 2020. The addition of new operated gas assets strengthens its positioning as a reliable player amid the sector’s growing consolidation in the North Sea.
Looking ahead, Serica aims to move its listing to the London Stock Exchange’s Main Market in 2026, marking a new chapter in its evolution as a public company.
Source: Serica Energy