Serica completes TotalEnergies asset deal, establishes West of Shetland gas hub
(WO) - Serica Energy has completed its acquisition of a 40% operated interest in TotalEnergies’ Greater Laggan Area (GLA) assets, securing a strategic foothold in the West of Shetland basin and establishing a new operated gas hub on the UK Continental Shelf.
The transaction delivers net production of just over 5,000 boed to Serica, alongside operatorship of key infrastructure, including the Shetland Gas Plant, positioning the company as a central processing hub for one of the UK’s most prospective gas regions.
The GLA assets include the producing Laggan and Tormore fields, with additional upside from near-field developments and exploration acreage. Serica highlighted multiple organic growth opportunities tied to the position, 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 said the acquisition strengthens its role in supporting UK gas supply, with control of critical infrastructure enabling potential third-party processing and future tie-ins across the basin. As of year-end 2025, the assets are estimated to hold net 2P reserves of approximately 4.0 MMboe and 2C resources of 5.4 MMboe.
Under the terms of the deal, Serica paid nominal consideration of £1 and received approximately $55.7 million, reflecting interim post-tax cash flows generated between the economic effective date of Jan. 1, 2024, and completion.
The move marks a strategic expansion of Serica’s UK portfolio, adding operated scale and gas-weighted production in a basin expected to play a key role in the country’s energy security outlook.
