"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.
Saeed heads the Jamat ud Dawa, or JuD, which poses as a charity but is a front for the terror group Lashkar-e-Taiba (LeT). The board had in October agreed to a month's extension of Saeed's house arrest, which is due to expire on Thursday.
Wednesday will be windy especially during the morning with clearing skies much lower humidity and much cooler with a high of 72 . If we get any precipitation at all, it will be late Friday night and should be gone before the sun comes up Saturday .
Khalil Mack has made a living getting after the quarterback, and he did just that Sunday afternoon at Estadio Azteca. New England faces the Dolphins at home Sunday in Foxborough, where no volcanic eruptions are expected.
In the first quarter, Fournette showed a burst after ripping off a 29-yard run around right end before he was caught from behind. A week after a breakout performance, the Browns spoke of consistency in a run game that was starting to come into form.
A day before the United Nations security council unanimously passed the resolution, Trump said it "should be vetoed". During a meeting later that month with Russia's foreign minister, Sergey Lavrov, and the then ambassador to the U.S.
In addition to this, they will also build their skills and knowledge levels required to implement WLAN in a small/medium network. At the end of the course, they will also be able to resolve regular issues with EIGRP, STP, and OSPF in IPv4 and IPv6 networks.
The stock of Canadian Western Bank (TSE:CWB) has "Sector Perform" rating given on Friday, May 26 by RBC Capital Markets. The stock of Royal Bank of Canada (TSE:RY) earned "Sector Perform" rating by National Bank Canada on Tuesday, August 4.
Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company's stock. Toronto Dominion State Bank holds 0.05% of its portfolio in Applied Materials, Inc. (NASDAQ:AMAT) for 129,363 shares.
The Rise of Mobile Payments Over the last few years, all of the major mobile innovators have stepped into the mobile payment game. As of 2016, Apple Pay had 12 million monthly users , a figure which is sure to rise substantially in the coming months and years.
Though with that said, if Lukaku doesn't pay up, the LA authorities can jail him for a maximum of six months. During the incident, he shared a picture of himself in an apartment in the city with teammate Paul Pogba.
People expected this young Yankees team (which still has more significant talent on the way from AAA) to start competing in 2018. Taking into account a few articles and odds listings that are already out there, here’s our look at the top contenders. 1.
Five Young Sports Stars to Watch in 2020
We’ve now entered 2020 and the sporting world will certainly have a lot to show us in the upcoming year. The upcoming year will be telling if the boy can turn from a talented prospect to a world-class player.
The First Offline Date After Online Relationships
The Date Day: How To Behave When you meet your date offline for the first time, there are many things that can go wrong. That is a very responsible step that will either empower or destroy the already formed relationships.
Gustav Klimt Could Challenge For 2,000 Guineas
However, Gustav Klimt bounced back with a fine performance at the Barronstown Stud Irish European Breeders Fund in June last year. Gustav Klimt moved to the inside down the final furlong and found just enough speed to beat out his compatriot Nebo by a head .
JP Associates, Jaypee Infra stock surges after SC order
Jaypee Associates has earlier informed the court that it would submit Rs.400 crore every month starting with January. The company is facing insolvency proceedings for not being able to payback more than Rs 2,000 crore to homebuyers.
Wednesday weather: Rain likely, with highs in the 60s
Right now, the Flathead Valley, Missoula Valley and the valleys of southwest Montana look to receive the strongest wind gusts. Day: Mostly cloudy with snow mixed with rain in the morning and afternoon tapering to snow showers in the evening.
Alabama fugitive captured in Georgia
Authorities say a fugitive has been caught near Atlanta after escaping from the same county jail in Alabama twice in three-weeks. Coosa County Sheriff Terry Wilson said while on the run, Vernon was considered armed and extremely risky .
Commerce Taken Up a Notch
Nearly all Chinese courts have registered on Taobao's judicial sales platform since the service was launched in 2012. The devices belonged to a transport company, Jade Cargo International , which had declared bankruptcy in 2013.
Restaurants open on Thanksgiving Day 2017
Also at Boston Market , chilled to-go items will be available for purchase, while supplies last, on Thanksgiving Day. Starbucks - Open this year as usual, providing a place to stop for your caffeine fix on your way to see family.
Busey Trust CO Lowers Holdings in Johnson & Johnson (JNJ)
For shareholders, given the total diluted outstanding shares of 2.74 billion, this means overall earnings per share of 1.37. Argentiere Capital Ag increased Intel Corp (NASDAQ:INTC) stake by 15,884 shares to 97,130 valued at $3.28 million in 2017Q2.
As Boko Haram, militia strike: 80 killed in Adamawa
He assured them that his government would do everything required to secure the state from the deadly menace of Boko Haram. The group is based in neighbouring Borno state and has been blamed for scores of similar attacks over the years.
Stuntman taking rocket trip to prove Earth is flat
The event is closed to the public due to safety concerns, but according to his website , "will be available on internet PPV ". It's not clear if any steam-powered rocket could accomplish Hughes goal of reaching space (or even the upper atmosphere).