Serica Energy plc has signed a preliminary deal to buy a 32% non-operated interest in the UK’s top producing gas field from the supermajor BP, the independent UK oil and gas producer said on Monday.
Serica has signed an agreement to buy BP’s stake in the Culzean gas condensate field in the UK Central North Sea and an exploration license adjacent to the license containing the Culzean field.
Culzean, operated by TotalEnergies, came on stream in 2019 and is currently the largest single producing gas field in the UK North Sea.
However, the proposed acquisition of BP’s stake by Serica is subject to a pre-emption period, per the terms of the joint operating agreement between the Culzean field partners. The pre-emption period will run for 30 days, with each of the Culzean field partners (TotalEnergies, 49.99%, and NEO NEXT, 18.01%) having the option to acquire BP’s stake in the licenses on the same terms as those agreed by Serica.
The transaction proposed by Serica would have an economic date of September 1, 2025 and an upfront cash consideration of $232 million.
“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,” Serica’s CEO, Chris Cox, said in a statement.
Culzean is cu