UK North Sea M&A momentum continues as Serica Energy agrees to acquire bp’s non-operated stake in the Culzean gas-condensate field. The deal is for a cash consideration of US$232 million with contingent elements tied to the fiscal regime and performance. Pre-emption rights are included for current JV partners NEO NEXT and TotalEnergies. The acquisition would strengthen Serica’s gas-weighted portfolio and extend its production outlook.

Strategically, Serica gains access to a low-emissions, high-productivity hub with ongoing infill drilling potential and nearby exploration upside. The addition supports portfolio optimization, enhances tax efficiency, and aligns with broader energy transition goals across the UK Continental Shelf.

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