UK's Serica Energy to buy BP's stake in some North Sea assets for $232 million (updated)
13/10/2025 07:40
Updates with background and details Oct 13 (Reuters) - Serica Energy SQZ.L on Monday said it will acquire BP's BP.L stake in some North Sea assets for $232 million, including a share in the UK's largest producing gas field. The deal will boost Serica's production and cash flow as it works towards expanding its North Sea portfolio. The deal comprises a 32% non-operated working interest in the P111 license, which contains the Culzean gas condensate field, and P2544, an exploration license. Existing license partners French energy firm TotalEnergies TTEF.PA, which operates and owns nearly half of the Culzean field, and newly formed NEO NEXT, which owns an 18% stake, have the option to buy BP's stake in the next 30 days. Serica has been hit with weak production in recent months, having lowered its annual forecast for the second time in a month, after encountering fresh problems at its key asset. (Reporting by Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala) ((Yamini.Kalia@thomsonreuters.com;))