Home / Business and Economy / Serica Energy Seals Deal, Boosts Oil Output
Serica Energy Seals Deal, Boosts Oil Output
13 Dec, 2025
Summary
- Serica Energy acquired Prax Upstream for £14.5 million.
- Acquisition adds the Lancaster field with 5,900 boepd production.
- Future deals include stakes in Greater Laggan Area fields.
Serica Energy has finalized its acquisition of Prax Upstream (PUL) following regulatory approval, marking a significant expansion for the UK-based oil and gas company. The transaction, valued at £14.5 million, includes PUL's existing cash balance and integrates the productive Lancaster field into Serica's operational assets. The Lancaster field is currently contributing around 5,900 barrels of oil equivalent per day, with production expected to continue until mid-2026.
The integration of Prax Upstream is a strategic move that also positions Serica for substantial future growth. PUL's existing agreements include forthcoming acquisitions of a 40% operated stake in the Greater Laggan Area offshore fields and the associated Shetland Gas Plant from TotalEnergies. Additionally, Serica will gain non-operated interests in the Catcher and Golden Eagle Area Development fields.
As part of the integration, Serica Energy will welcome PUL's employees, with Alessandro Agostini joining the executive leadership team as chief non-operated joint ventures officer. Furthermore, Serica has secured a 40% interest in the P2530 licence through a farm-in agreement with Finder Energy, which encompasses the Wagtail oil discovery and prospective exploration areas.
