Serica Energy has agreed to acquire BP’s 32% stake in the Culzean field offshore site in the North Sea for $232m.

The site, which is operated by TotalEnergies, is currently the largest single producing gas field in the North Sea.

The deal is subject to a pre-emption period which runs for 30 days, with each of the Culzean field partners having the option to acquire BP’s stake in the lunences on the same terms as those agreed by Serica.

Currently, TotalEnergies owns a 49.99% stake, while NEO NEXT owns 18.01%.

Serica said that the Culzean field, which came onstream in 2019, has upside potential from future infill drilling and licensed exploration.

Chief executive officer at Serica, Chris Cox, stated: "Should this transaction complete, it would deliver a step-change for Serica, adding material production and cash flows from the largest producing gas field in the UK. Culzean is a world-class asset, delivering gas from a modern platform with exceptionally high uptime and low emissions."

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