BP has agreed to sell its interests in the Bruce Area fields to Serica Energy. The sale includes operated interest in three fields: Bruce (36%), Keith (34.83%) and Rhum (50%). The acquisition marks Serica’s entry as an operator on the UKCS. The deal continues the trend of innovative M&A deals seen in the UK over the past 12 months. An upfront consideration of £12.8 million (US$17 million) will be supplemented by various contingent payments, potentially reaching between £200 to £300 million (US$265-$400 million). The sale is not a surprise for BP. The assets are considered non-core and the Major has been seeking divestment opportunities to reach at least the lower end of its 2017 disposal target of US$4.5-$5.5 billion.