UK-based Serica Energy acquires bp’s stake in North Sea P111 and P2544 licences, including Culzean gas condensate field. $232m upfront payment with additional payments based on exploration success and tax regime changes. Deal subject to 30-day pre-emption period. Culzean field has 33 million boe reserves and is largest gas field on UKCS.

Serica CEO Chris Cox anticipates production and cash flow boost from Culzean, a world-class asset with high uptime and low emissions. Deal expected to finalize by end of 2025. Culzean, operated by TotalEnergies, has delivered 25,500 boepd to bp in first half of 2025. Financing through cash flows and existing resources.

Serica Energy expands portfolio with Culzean acquisition, financing through existing resources and Reserve Based Lending facility. Lambert Energy Advisory advising on deal. Company holds diverse assets on UKCS with production hubs in Northern and Central North Sea. Recent agreement to acquire Prax Upstream further strengthens Serica’s position.

Read more at Yahoo Finance: Serica Energy to acquire bp’s interest in Culzean field in North Sea