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BP to sell stakes in three North Sea fields to Serica Energy

21/11/2017
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The rise of independent operators across the UK Continental Shelf continues with the announcement today that BP will sell its interests in three North Sea fields to independent operator Serica Energy.
The package of assets to be sold to Serica includes the Bruce, Keith and Rhum fields, three bridge-linked platforms and associated subsea infrastructure.
(Image via BP).

The package of assets to be sold to Serica includes the Bruce, Keith and Rhum fields, three bridge-linked platforms and associated subsea infrastructure.

Serica is expected to pay £12.8 million upfront, in addition to a share of cash flows over the next four years.

30% of BP’s post-tax decommissioning costs will also be covered by Serica. Several contingent payments, dependent on the performance of the assets and future oil prices, will also be made by Serica.

In total, BP is expected to receive in the region of £300 million.

Approximately 110 BP staff members who currently operate the assets will transfer to Serica.

Commenting on the sale, Bernard Looney, BP chief executive, Upstream, said:

“This is an example of BP’s Upstream strategy in action- refreshing our portfolio and focusing our activity on assets which will add most value over the long-term.”

“We remain committed to the North Sea and continue to invest. We expect our production there to double to around 200,000 barrels equivalent a day by 2020 through new projects like Quad 204 and Clair Ridge.”

“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 UK.”


Serica chairman, Tony Craven Walker commented:

“This transition will establish Serica as a leading British independent oil company with the scale, balance sheet and operating capability to prosper in the North Sea’s rapidly changing upstream oil and gas industry.”

The Bruce field was discovered in 1974 and came into production in 1993, with Keith tied back to Bruce in 2000. Rhum, a high-pressure, high-temperature satellite field located 40 kilometres to the north of Bruce, was brought into production in 2005.

The sale of these assets is expected to go through in the third quarter of 2018.

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BP to sell stakes in three North Sea fields to Serica Energy - Time to read 2 min
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