Serica Energy is acquiring a package of assets from BP which include the largest producing gas field in the North Sea’s UK continental shelf.
The deal, for an initial $232 million, comprises a 32% non-operated working interest in the Culzean gas condensate field and an adjacent exploration licence.
The Culzean field, operated by TotalEnergies, produced c.25,500 boepd in the first half of 2025, at an exceptionally high operating efficiency of 98%. It was discovered in 2008, and came onstream in 2019.
It is 230 kilometres off the coast of Aberdeen in an area that had been left unexplored for a long time. Its resources are estimated between 250 and 300 million barrels of oil equivalent.
Under the terms of the deal each of the Culzean field partners (TotalEnergies, 49.99%, and NEO NEXT, 18.01%) has the option during a 30-day pre-emption period to acquire BP’s stake in the licences on the same terms as those agreed by Serica. The company said it will update the market further when appropriate.
Chris Cox, Serica’s CEO, stated: “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.”
Serica said it can fund the aquisition through a combination of interim cashflows from the Culzean interest and existing financial resources.
However, it is also considering a new acquisition facility, which would be refinanced in due course via increased debt facilities to reflect the ompany’s larger, more diversified and cash generative asset base inclusive of the Prax and Culzean acquisitions, which the company estimates would support a larger borrowing base.
Lambert Energy Advisory is acting as financial adviser to Serica in connection with the proposed acquisition.
In 2017 Serica acquired the Bruce, Keith and Rhum fields, three bridge-linked platforms and associated subsea infrastructure from BP.
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