(WO) — Serica Energy plc has agreed to acquire BP’s entire interest in two UK North Sea licenses, including a 32% non-operated stake in the Culzean gas-condensate field, the largest producing gas field on the UK Continental Shelf.
Under the deal, Serica will also take BP’s position in exploration license P2544, adjacent to the producing Culzean field in the UK Central North Sea. The transaction, valued at $232 million, has an economic effective date of Sept. 1, 2025, and is expected to close around the end of 2025, pending the waiver of partner pre-emption rights.
Culzean, operated by TotalEnergies, produces about 25,500 boe/d net to BP at a 98% uptime and holds an estimated 33 MMboe of remaining 2P reserves. Serica said the field’s low emissions and $10.7/boe production cost make it one of the most efficient assets in the North Sea.
“Should this transaction complete, it would deliver a step-change for Serica, adding material production and cash flows from the largest producing gas field in the UK,” said Chris Cox, Serica CEO. “Culzean is a world-class asset, delivering gas from a modern platform with exceptionally high uptime and low emissions.”
Serica plans to finance the acquisition using a combination of cash flow from the Culzean stake and existing resources, including its $525 million reserve-based lending facility, while considering a new acquisition facility to support future growth.
