• Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea. P111 includes the Culzean gas condensate field—the UK North Sea’s largest producing gas asset.
• Culzean commenced production in 2019, with remaining net 2P reserves of ~33 mmboe attributable to BP as of 1 January 2025. Net production to BP in 1H25 was 25.5 mboe/d. The remaining interests are held by TotalEnergies (49.99%) and NEO NEXT (18.01%).
• The transaction consideration includes an up ....
