Monday, 18 November, 2019


BP sells North Sea assets to Serica

BP has agreed to sell a package of its interests in the Bruce assets in the North Sea to Serica Energy plc. BP currently operates the oil and gas assets which comprise the Bruce Keith and Rhum fields three bridge-linked platforms and associated subsea BP sells North Sea assets to Serica
Bennie Garza | 22 November, 2017, 15:38

BP agrees to sell stakes in three fields in its Bruce assets in the North Sea to Serica Energy for ~£300M ($398M).

"While the Bruce (the collective name for the three fields) assets are no longer core to BP, we are confident that Serica is the right owner and operator to maximise their continuing value for both companies and for the United Kingdom".

Serica UK would pay BP additional consideration equal to 30% of such costs at the time of decommissioning, reduced by the tax relief that BP receives on those costs.

About 110 BP staff members who operate and support the assets are expected to transfer with the business.

The company said it expects to receive around 300 million pounds ($398 million), with a majority of it in the next four years.

As part of the acquisition, Serica UK has entered into product sales agreements with BP to off-take Serica's share of gas and oil production from the BKR Assets on market terms.

BP says it remains committed to the North Sea, where it expects production to double to 200K boe/day by 2020 through new projects such as Quad 204 and Clair Ridge.

Fiona Legate, a regional analyst for consultant group Wood Mackenzie, said the sale is a big deal for a smaller exploration and production company like Serica, which only has to cover a small fraction of the final costs upfront.

"While the Bruce assets are no longer core to BP, we are confident that Serica is the right owner and operator to maximise their continuing value for both companies and for the United Kingdom".

Serica has also appointed Mitch Flegg as its chief executive with immediate effect. Meanwhile, Serica shares are suspended as the deal is classed as a reverse takeover. Rhum, located 25miles further north, came on stream in 2005.

Serica said it would buy a 36 percent interest in Bruce, 34.83 percent in Keith and 50 percent in Rhum.

BP would retain liability for all decommissioning costs relating to facilities existing at completion - including wells - associated with the BKR Assets acquired by Serica UK.

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