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BP to sell North Sea assets to Serica Energy for £300M

BP Plc on Nov. 21 agreed to sell its interests in a number of assets in the North Sea to Serica Energy PLC in a transaction worth about £300 million.

Serica will pay BP an upfront payment of £12.8 million, a share of cash flows over the next four years, a consideration equivalent to 30% of BP's post-tax decommissioning costs and other contingent payments dependent on future asset performance, bringing the total amount of the deal to about £300 million, BP said in a statement.

The deal consists of BP's 34.84%, 36% and 50% interest in the Keith, Bruce and Rhum fields, respectively. BP will keep a small ownership of 1% in Bruce to oversee its interests.

BP targets to complete the sale by the third quarter of 2018, subject to regulatory and third-party approvals.