PRODUCING ASSETS

Strong UK North Sea production profile

Serica has agreed to take over BP and Total E&P’s interests in the Bruce (78.25%) and Keith (59.83%) assets and BP's interest in the Rhum (50%) asset, with BP and Total E&P retaining 1% of Bruce. Serica will also be taking over operatorship of Bruce from BP. Collectively, these assets are estimated to contain net 2P reserves of 57 mmboe as of 01.01.18, of >87% gas. Completion of the transaction is targeted to occur in early November 2018.

Bruce Keith Rhum
Bruce Keith Rhum

Bruce

Partners (post completion): Serica (operator) 78.25%, BHP Billiton 16%, Marubeni 3.75%, BP 1%, Total 1%

The Bruce gas field is a late life asset located in blocks 9/9a, 9/8a and 9/9b in the Northern North Sea.

  • Producing via 21 wells with aggregate average production of 9,000 boepd net to BP and Total E&P in 2017*
  • Gas exported via the Frigg pipeline to the St Fergus terminal and liquids exported via the Forties Pipeline System
  • Comprised of three linked platforms:
    • Production Utilities Quarters Platform with quarters for crew (max. 168 persons)
    • Drilling Platform
    • Compression / Reception Platform which hosts reception and compression facilities

Keith

Partners: (post completion): Serica (operator) 59.83%, BHP Billiton 31.83%, Marubeni 8.34%

The Keith oil field is located in block 9/8a in the Northern North Sea, 6.4 km to the southwest of Bruce.

  • Single well subsea tie-back to Bruce
  • Produced 720 boepd net to BP and Total E&P in 2017*
  • Very late life field, scheduled to cease production in 2019
Bruce and KeithBruce

RhumRhum schematic

Rhum

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.

  • Two producing wells, R-1 and R-2, with average aggregate production of 11,863 boepd net to BP in 2017*
  • High quality reservoir displaying ‘tank’ characteristics
  • High pressure, high temperature reservoir

* Based on OGA production numbers for 2017

 

Upon completion, operatorship of the Assets will transfer from BP to Serica, enabling Serica to drive full potential from the Assets.

About the deal

BLOCKS 23/26a, 23/26b

Serica 18%, Chevron (operator) 50%, Chrysaor 32%

Map of Erskine

Erskine location: UK Central North Sea

Serica holds an 18% non-operating interest in the Erskine field, located in the UK Central North Sea, which it acquired from BP in June 2015.

The field, operated by Chevron, is a High Pressure High Temperature (HPHT) gas condensate field and was originally discovered in 1981. Main reserves lie in three separate, but generally overlying, Jurassic sandstone-producing horizons.  The field has been developed with five producing wells.

The production facilities comprise a normally unmanned platform located at Erskine with production handled and controlled from the Chrysaor-operated Lomond platform, 30km to the north. The Lomond Platform lies 269km east of Aberdeen, adjacent to the Columbus field.  

Erskine field export routes

Gas and liquids produced from Erskine are transported to the Lomond platform via a 16in nominal bore multiphase pipeline where the fluids are processed.

Gas is then delivered via Everest and the CATS pipeline system to a terminal at Teeside.  

The condensate separated at the Lomond platform is delivered via the Forties pipeline to Cruden Bay.

KEY
Oil Pipeline Oil Pipeline
Gas Pipeline Gas Pipeline
Gas Field Gas Condensate Field
Oil Field Oil Field
Serica Blocks Serica Blocks

Map of Erskine field export routes

Erskine field export routes

Erskine Platform

The Erskine platform in the North Sea