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Serica Energy to acquire Total E&P's stake in UK's Bruce and Keith fields

Serica Energy PLC has inked a deal to buy additional interests in the Bruce and Keith fields in the North Sea. Its subsidiary Serica Energy (UK) Ltd. will acquire a 42.25% interest in Bruce and a 25% stake in the Keith field and associated infrastructure in the United Kingdom from Total E&P UK Ltd.

The deal, which is expected to conclude by the end of the third quarter, is based on the completion of Serica's previously announced acquisition of BP PLC's interests in the Bruce, Keith and Rhum fields. In November 2017, BP agreed to sell its interests in the three North Sea fields to Serica for about £300 million.

That deal includes BP's 34.84%, 36% and 50% stakes in Keith, Bruce and Rhum, respectively. BP will keep a small ownership of 1% in Bruce to oversee its interests.

In May, Serica said the sale would proceed as planned despite the resumption of sanctions against Iran by the United States. Iranian Oil Company (U.K.) Ltd, a subsidiary of the National Iranian Oil Company, holds a 50% stake in the Rhum field.

At the time, BP said it stopped work on the R3 well at Rhum as the potential implications of the Iranian sanctions on the deal were evaluated.

In May, President Donald Trump announced that the U.S. would withdraw from the 2015 Iran nuclear pact and that economic sanctions suspended under the deal would resume, leaving businesses that entered into contracts based on the agreement with either 90 days or 180 days to cease those operations.