Serica to acquire BP’s stake in two UK North Sea licenses

Serica Energy signed an agreement to acquire the entirety of BP’s stake in two UK Central North Sea licenses. The proposed acquisition comprises a 32% non-operated working interest in the P111 license, containing the Culzean gas condensate field (Culzean) and P2544, an exploration license adjacent to the P111 license.

The Culzean field, operated by TotalEnergies, is currently the largest single producing gas field in the UK North Sea. Culzean is a mid-life gas condensate field discovered in 2008 and came onstream in 2019. It is currently the largest gas field on the UK Continental Shelf by production.