Oil & Gas UK Welcomes BP North Sea Asset Sale
News of BP plc’s intended sale of its North Sea assets to Serica Energy plc has been welcomed by trade body Oil & Gas UK.
Deirdre Michie, chief executive of the industry trade association, said the announcement was good news for the UK’s offshore oil and gas sector and reinforced the ‘gathering strength of belief in the future of the UK North Sea’.
“We believe there are up to 20 billion barrels of oil and gas still to recover from Britain’s offshore regions,” Michie said in an organization statement.
“The complexity of deals like the BP Serica one…is indicative of the effort the industry has to make to ensure that the right assets are in the right hands for further development and extending field life,” she added.
Michie said the BP deal would help bolster the industry’s efforts to maximize recovery of a ‘vital’ primary resource which helps to meet the country’s energy needs, secure jobs and generate wealth for the economy.
The Oil & Gas UK Chief Executive also stated that deals such as this would act as catalysts for fresh investment, reinvigorating activity in both new and existing portfolios.
On November 21, Serica UK agreed to acquire BP plc’s interests in the Bruce, Keith and Rhum fields in the North Sea, in a deal which will see the transfer of approximately 110 BP staff to the company on completion.
The deal is expected to go through in mid-2018 and Serica currently has no plans to reduce staff numbers, according to a company spokesperson.
“We very much look forward to welcoming the extremely capable team that will be transferring to Serica from BP and combining skillsets and operational expertise,” said Tony Craven Walker, Serica’s executive chairman, in a company release on Tuesday.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension