Deal insight

BP sells UK Bruce Area fields to Serica Energy

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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.

What's included

This report contains

  • Document

    BP sells UK Bruce Area fields to Serica Energy

    PDF 342.58 KB

Table of contents

  • Executive summary
  • Transaction details
    • Rhum is key
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 4 images and tables including:

Images

  • How the deal payments could be structured based on Wood Mackenzie data and analysis

Tables

  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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