Serica Energy PLC announced on 14 October 2025 that it has agreed to acquire BP’s entire interest in two UK North Sea licences, including a 32 % stake in the Culzean condensate field, under a proposed $232 million transaction.
The deal also covers BP’s interest in the adjacent P2544 exploration licence, and is subject to a waiver of pre‑emption rights by joint‑venture partners. The economic date for the transaction is 1 September 2025, with completion expected by the end of the year.
By divesting these non‑core assets, BP will receive cash that can be deployed toward its disciplined growth strategy and debt reduction plans, while tightening its focus on core hydrocarbon operations. The transaction aligns with BP’s broader portfolio optimisation and capital‑light approach to low‑carbon investments.
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