Serica Energy to Acquire BP's Stake in Culzean Field
Serica Energy has signed an agreement to acquire BP's stake in the Culzean field, located in the UK Central North Sea, for an upfront cash consideration of $232m.
The deal includes provisions for two further cash payments contingent on successful production and changes to the UK ringfencing fiscal regime.
- Upfront cash consideration: $232m
- Contingent cash payments: dependent on production and fiscal regime changes
- Funding: combination of interim cashflows and existing financial resources
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Author's summary: Serica Energy acquires BP's Culzean field stake for $232m.