BP to Sell Stake in UK North Sea Licenses to Serica Energy for $232M

Core Insights - BP plc is selling its stakes in the P111 and P2544 licenses in the U.K. North Sea to Serica Energy for $232 million, which includes a 32% non-operated working interest in the P111 license [1][9] - The P111 license contains the Culzean gas condensate field, the largest individual gas-producing field in the UK North Sea, producing 25,500 barrels of oil equivalent per day net to BP in the first half of 2025, with approximately 33 million barrels of oil equivalent in proved and probable reserves [2] Sale Details - The sale involves BP's 32% non-operated interest in the P111 license and the adjacent exploration license P2544 [1][9] - The partners in the Culzean field, including TotalEnergies and Neo Energy, have pre-emption rights to buy BP's stake within 30 days of the announcement [3] Strategic Implications for Serica Energy - The acquisition is expected to significantly enhance Serica Energy's production and cash flows from this high-quality, low-emission asset, providing long-term value through future exploration and production opportunities [4]