Deal Insight
BP sells UK Bruce Area fields to Serica Energy
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Rhum is key
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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How the deal payments could be structured based on Wood Mackenzie data and analysisOil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 1
What's included
This report contains:
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