North Sea producer Serica ups oil activity after gas earnings fuel expansion

UK-focused Serica Energy is increasing well improvement work and drilling as it rebalances the business to increase the share of oil in its output following an acquisition enabled by last year’s gas revenue surge. Serica reiterated industry objections to the UK’s Energy Profits Levy, which has raised the headline tax rate to 75%, describing it as a “wholly unwelcome burden”… UK-focused Serica Energy is increasing well improvement work and drilling as it rebalances the business to increase the share of oil in its output following an acquisition enabled by last year’s gas revenue surge. Serica reiterated industry objections to the UK’s Energy Profits Levy, which has raised the headline tax rate to 75%, describing it as a “wholly unwelcome burden”… Read More