Serica Inks $232M Deal for BP’s UK Assets, Including Culzean Field Stake
October 13, 2025
Serica Energy has signed an agreement to acquire the entirety of BP’s stake in the P111, which contains the Culzean gas field, and P2544 licenses in the U.K. Central North Sea, in a deal valued at $232 million, marking a major expansion of its gas portfolio.
The proposed acquisition includes a 32% non-operated working interest in the P111 license, containing the Culzean gas condensate field, and P2544, an adjacent exploration license.
Culzean, operated by TotalEnergies, is currently the largest single producing gas field in the U.K. North Sea, which was discovered in 2008 and came onstream in 2019.
Net production to BP averaged around 25,500 boepd in the first half of 2025, at an operating efficiency of 98%, with the remaining net 2P reserves estimated at about 33 mmboe as of January 1, 2025.
Completion of the transaction is subject, among other things, to the waiver of applicable pre-emption rights. Under the terms of the joint operating agreement between the Culzean field partners, the deal is subject to a 30-day pre-emption period, during which partners TotalEnergies (49.99%) and NEO NEXT (18.01%) may acquire BP’s stake on the same terms agreed by Serica.
“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. Culzean is a world-class asset, delivering gas from a modern platform with exceptionally high uptime and low emissions,” said Chris Cox, Serica's CEO.
The transaction has an economic date of September 1, 2025. The upfront cash consideration of $232 million is subject to customary working capital adjustments and will be partially offset by a payment reflecting interim post-tax cashflows between the economic and completion dates, which is expected around the end of 2025.
