A leading North Sea firm more than doubled cash reserves last year on the back of the gas price surge and increased production in the area.

Serica Energy told investors it had £218m cash resources at the end of 2021, up from £89m at the start of the year.

The company noted gas prices averaged 113p per therm in 2021, against 25p per therm in the preceding year.

READ MORE: Boost for North Sea industry after High Court setback for envronmentalists

Serica’s portfolio includes the giant Rhum field off Shetland, which helps the firm produce around five per cent of the UK’s total gas output.

It told investors:  “Growing cash balances offer increasing options for further investment, acquisition, and distributions.”