Serica has agreed to take over BP’s interests in the Bruce (36%), Keith (34.83%) and Rhum (50%) fields, with BP retaining 1% of Bruce. Serica will also be taking over operatorship of Bruce from BP. Collectively, these assets recorded average production of 18,500 boepd net to BP in H1 2017 and are estimated to contain net 2P reserves of 47 mmboe as of 01.01.18, of >85% gas. Completion of the transaction is expected to occur in mid 2018.
Partners: (post completion): Serica (operator) 50%, IOC 50%
The Rhum gas field is located in block 3/29a, 44km north of Bruce and is a subsea development tied back to the Bruce platform via an insulated pipeline. Rhum is a strategic UK gas asset with significant upside potential.
* Based on OGA production numbers for H1 2017
Upon completion, operatorship of the Assets will transfer from BP to Serica, enabling Serica to drive full potential from the Assets.