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BHP to sell North Sea field assets to Serica Energy

Galia Ilan
|Nov 5|magazine5 min read

The Melbourne-based mining, metals, and petroleum company, BHP, has announced a deal with Serica Energy.

The UK-headquartered firm has agreed to purchase BHP’s stake in two fields located in the North Sea.

The deal will see Serica Energy own more than 90% of the projects’ assets.

The energy firm made a deal earlier this year with BP and Total to acquire their shares in the Bruce and Keith fields.

From BHP, Serica Energy will purchase an additional 16% stake in the Bruce field and a 31.83% stake in the Keith field, bringing its total to 94.25% and 91.67% respectively.

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“This acquisition, in addition to the previously announced transactions with BP and Total, place us in an even better position to unlock increased value from the assets and benefit from economies of scale,” states Mitch Flegg, the Chief Executive Officer of Serica Energy, according to the Financial Times.

“This will represent a major transformation for Serica in becoming one of the leading UK independent offshore operators and producers in the North Sea.”

Along with BP’s Rhum field, which formed part of the earlier deal, the three fields contribute to around 5% of the UK’s gas supply.